Duratec shares jumped on Friday after the assets and infrastructure services provider announced that it had been awarded a $53 million Design and Construction wharf project by a Commonwealth Government agency in conjunction with JV partner Ertech.
Initial works have commenced, and the project is due for completion in September 2023. The DEJV was formed in 2019 with civil construction business Ertech Group.
Separately in recent months, Duratec has been awarded $32 million in other Defence works projects, boosting its current Defence-focussed order book to $110 million and the company’s total order book to $230 million.
Defence continues to be a key strategic focus for Duratec, which currently has a presence on 37 of the 75 Defence bases in Australia delivering projects upgrading important base assets for the Defence Estate and Infrastructure Group, the infrastructure, and service delivery arm of the Australian Department of Defence. Duratec currently has $200 million in Defence tenders submitted and awaiting decision on $1 billion in tangible opportunities.
Duratec Managing Director Phil Harcourt said the DEJV was able to draw on the individual skill sets, industry sector knowledge and experience from each business. “We are confident of strong growth in the Defence sector in FY22 based on the level of work available and our track record of delivery. In addition, we are confident of ongoing growth in our other key sectors, including mining and industrial, buildings and facades, ports and transport with total tendered works of $635 million across the group and a $2.2 billion pipeline of opportunities in our sights.”