Civmec secures contracts worth A$140 million

CONSTRUCTION and engineering group Civmec Limited said on Monday that it has secured multiple contracts worth A$140 million (S$141.11 million) in total.

These include a major contract for onsite structural, mechanical, piping and electrical works for the Iron Bridge Magnetite Project in Australia, said Civmec, which is listed in Singapore and Australia. The Iron Bridge project is a joint venture between a Fortescue Metals Group subsidiary and Formosa Steel IB.

Civmec will be mobilised for the Iron Bridge project in "early 2021" and at the peak, the project will employ approximately 400 people on site. Currently, the group is already contracted to deliver site civil concrete works and the supply of 4,700 tonnes of steel structures and modules for the same project.

Shares of Civmec closed unchanged at S$0.39 on Monday.