|
Quote a Post
Important: By posting on the forum, you agree to our terms and conditions.
| |
 x 0
 x 0
|
Good buy
The below report from CIMB on 30/9/2009 Wednesday
Expected to secure A$125m orders from Gorgon in the next six months.
Over the next 18 months, management plans to submit A$1bn of bids for the Gorgon
project.
Some A$60m has already been submitted and another A$420m will be
submitted by end-2009.
The bids are for fabrication work for the upstream phase (preassembled
pipe racks, modules, subsea manifolds and spools).
We expect the group to secure A$125m of contracts from the project by 1Q10.
To date, the Gorgon project has awarded A$2bn worth of projects to sub-contractors for infrastructure and logistics work and is expected to award another A$10bn in the coming three months.
We anticipate further order wins from the Gorgon project for AusGroup from 2H10
when contracts for subsea/LNG plant work are announced.
On the lookout for acquisitions.
With a strong cash position, we expect management to announce acquisitions in the near term. Potential acquisitions would be similar to MAS: providing similar businesses, enhancing AusGroup’s footprint in East Australia/South-East Asia and achieving the required rate of returns.
|
|
|
|
