05/We produce industry leading sector specific reporting offering actionable insights, comprehensive data and in-depth analysis on specific global industries

EDITION: 528
Engineering, Industrial Services & Associated Technologies

  • SRG Global (SRG-AU) have secured multiple contracts valued at A$150M across Australia in transport, resources and energy sectors.

  • Macmahon Holdings (MAH-AU) will acquire Decmil Group (DCG-AU) at A$0.30 per share cash, with the transaction receiving unanimous support from the Decmil board and major shareholders Thorney Group and Horley.

  • Southern Cross Electrical Engineering (SXE-AU) subsidiary Heyday has been awarded extensions totalling A$50M at two data centres in NSW and building projects in ACT.

  • Lycopodium Limited (LYL-AU) has been awarded an early works contract valued at A$30M for the Reko Diq Copper-Gold Project, taking the total value of works awarded to ~A$85M.

  • Imdex (IMD-AU) issued an update on their patent infringement dispute, announcing it received the benefit of determination by the Federal Court where Globaltech was ordered to pay A$8M to its subsidiary AMC.

EDITION: 527
Engineering, Industrial Services & Associated Technologies

  • Macmahon Holdings (MAH-AU) announces its execution of an equipment sale agreement, of which they have agreed to sell a substantial proportion of its fleet at Dawson South Project, resulting in A$44M net cashflows.

  • Boart Longyear Group (BLY-AU) has now been officially removed from the Official List at close of trading on the 11th April, as its take private by American Industrial Partners is complete.

  • Downer (DOW-AU) has been awarded a road maintenance contract by Victoria’s Department of Transport and Planning, valued at A$320M commencing in July 2024.

  • Incitec Pivot (IPL-AU) subsidiary, Dyno Noble has invested A$20M in Moranbah plant to lower GHG emissions. The project is to have an expected lifespan of 20years and abate 20,000tpa of carbon emissions.

EDITION: 526
Engineering, Industrial Services & Associated Technologies

  • GenusPlus (GNP-AU) has been awarded two contracts under Fortescue’s decarbonisation plan in Western Australia. The contracts have a combined value of approximately A$50M, with contract works estimated to be completed by mid 2025.

  • Perenti (PRN-AU) announces its underground mining business Barminco has been awarded a A$393M three-year contract at Regis Resources’ Duketon Operations in Western Australia.

  • Austal (ASB-AU) has rejected an A$1.02B takeover offer from Hanwha Ocean, citing it was not satisfied that mandatory approvals would be secured by Australian and US regulators due to the sensitivity of its operations.

  • Boart Longyear Group (BLY-AU) notes conditions precedent to plan of arrangement have been satisfied or waived, with the closing of the transaction with American Industrial Partners now expected to occur on 10 April Toronto time.

EDITION: 525
Engineering, Industrial Services & Associated Technologies

  • ALS (ALQ-AU) acquires USA-based York Analytical Laboratories and Europe-based Wessling for a total cost of A$225M. The acquisitions will add to ALS’ Life Sciences portfolio and will support their strategic growth agenda. ALS is also to acquire remaining 51% of Nuvisan, the pre-clinical/ clinical development services and drug discovery business, for nil consideration.

  • Mineral Resources (MIN-AU) joint venture Reed Advanced Metals (Mineral Resources 30%, Neometals 70%) have ceased discussions with Lifthium Energy in relation to the evaluation of a lithium refinery in Portugal. Reed Advanced Materials will sole fund the final stage of the pilot test work for its patented ELi process.

  • Orica (ORI-AU) confirms the successful completion of its A$65M share purchase plan (SPP). In conjunction with a A$400M placement to eligible institutional investors, the full proceeds of the SPP will be used to partially fund the acquisition of Cyanco, a US-based manufacturer and distributor of sodium cyanide.

EDITION: 524
Engineering, Industrial Services & Associated Technologies

  • Downer EDI (DOW-AU) to resume the sale process for its Mineral Technologies unit. A business valuation of A$100-200M is expected, with the process anticipated to be restarted in the upcoming months.

  • Mineral Resources (MIN-AU) farms into Lord Resources’ Horse Rock Lithium Project. MinRes will spend A$1M in exploration to earn 40% of the project, with the agreement subject to the completion of satisfactory due diligence on the tenement.

  • Imdex (IMD-AU) CFO Paul Evans to retire towards the end of CY24. Plans are currently underway to identify a successor, with Evans to support the successful candidate to ensure a smooth transition.

  • Metarock Group (MYE-AU) has entered a binding agreement to sell PYBAR business for A$65M. Net proceeds from the sale are estimated to be A$36.3M after the deduction of PYBAR’s outstanding debt and the estimated transaction costs.

EDITION: 523
Engineering, Industrial Services & Associated Technologies

  • SRG Global (SRG-AU) has secured the Marine Maintenance Contract with BlueScope Steel, valued at A$ 35m. The contract, commencing immediately, is to upgrade the wharf at Port Kembla, NSW, and is expected to be complete in 2026.

  • Imdex (IMD-AU) subsidiary AMC is to receive A$ 8m from Globaltech, as ordered by the Federal Court, in relation to a breach of its core orientation patent. Imdex has also commenced action for a similar alleged infringement with the Federal Court in Canada scheduled for September 2024.

  • Downer (DOW-AU) has filed a lawsuit against KPMG over alleged audit failures related to accounting irregularities in a contract with AusNet. Subsequently, KPMG Australia has stated it has no alternative but to resign as the company’s auditor

  • Mineral Resources (MIN-AU) has taken over part of the haul road construction work at Onslow after the builder, Q.H & M Birt walked off the job due to unresolved tensions.

EDITION: 522
Engineering, Industrial Services & Associated Technologies

  • Acrow Limited (ACF-AU) has acquired Queensland based Benchmark Scaffolding for a total consideration of $9 million. Acrow also won a $5 million formwork package on the Melbourne North East Link project.

  • Boart Longyear (BLY-AU) has received court approval for the proposed plan of arrangement to sell all common shares to American Industrial Partners.

  • Monadelphous (MND-AU) has secured new construction and maintenance contract sand extensions in the resources and energy sectors totaling over

  • $140 million.

  • Perenti (PRN-AU) advised that an incident occurred at the Mana mine in Burkina Faso which resulted in an employee fatality.

  • Resource Development Group (RUL-AU) Reported positive half year results with revenue up 135% to $51 million and Profit up 5% $6 million.

EDITION: 521
Engineering, Industrial Services & Associated Technologies

  • Orica (ORI-AU) has agreed to buy US sodium cyanide producer Cyanco for US$640 million. The acquisition will be funded via an underwritten institutional placement worth A$400 million, alongside Orica’s existing cash and undrawn committed debt facilities.

  • MAAS Group Holdings (MGH-AU) is to sell its self-storage portfolio to National Storage REIT (NSR-AU). The existing portfolio consists of 9 assets (8 NSW, 1 ACT) with 4 completed properties and 5 partially completed properties. The sale will put MGH on track to hit their recycling target of $70m in FY2024.

  • Mineral Resources (MIN-AU) sells 14.5% stake in Azure Minerals in block trade at A$3.42 per share.

  • Perenti Limited (PRN-AU) states share buyback to recommence, subject to share price performance.

EDITION: 520
Engineering, Industrial Services & Associated Technologies

  • Orica (ORI-AU) has completed their stage 1 surplus land sale at Deer Park, Victoria, inclusive of 66 hectares (approximately half of Orica’s surplus Deer Park land holdings), to Uni Super for A$260M.

  • Mineral Resources (MIN-AU) are considering the sale of a 49% stake in their pit-to-port haul road, which links the Onslow Iron project at Ken’s Bore mine to the Port of Ashburton on the west Pilbara coastline.

  • Incitec Pivot (IPL-AU) has kept the interest of Senex Energy for their fertiliser unit, however there are concerns that Australis’s Foreign Investment Review Board may be sceptical of the sale of Australia’s largest fertiliser business.

  • ALS (ALQ-AU) has appointed Nigel Garrad as deputy chair at their 2024 AGM, effective immediately, after he was appointed to the ASL board in June 2023.

EDITION: 519
Engineering, Industrial Services & Associated Technologies

  • Genus Plus (GNP-AU) has been awarded a contract by ACCIONA Energia for the Alodga 275kV Solar Farm substation, approximately worth $40million

  • Worley (WOR-AU) shareholder class action judgement in the Federal Court of Australia, in December 2023, has been appealed

  • Austal Limited (ASB-AU) has appointed Kathryn Toohey AM CSC as a Non-Executive Director.

  • Acrow Limited (ACF-AU) noted within its Industrial Service Business Update, that following the first 2 months of trading, MI Scaffold has been awarded a circa $5million contract for the Kidston Hydro Power Station development.

  • Emeco (EHL-AU) announced it has completed the sale of key underground contract mining contracts and assets to Macmahon Holdings, while also entering a 5-year agreement to become Macmahon’s preferred equipment rental provider.

EDITION: 518
Engineering, Industrial Services & Associated Technologies

  • DUG Technology Ltd (DUG-AU) announced an investment in Genoa machines costing US$18.2m, to support growth of new service business line.

  • GR Engineering Services (GNG-AU) ,wholly owned subsidiary, Mipac Holdings has entered into an agreement to acquire Paradigm services with a $9million purchase price.

  • Macmahon Holdings Limited (MAH-AU) has appointed Mr Dharmendra Chandran as an independent Non-Executive Director of the Macmahon board, effective immediately.

  • Boart Longyear Group (BLY-AU) has increased loan facility by US$20 million, under the company’s existing Exit term Loan with HPS Investment Partners and Blue Torch Capital.

  • K2fly (K2F) has raised $1.0m at a premium VWAP through a Share Placement to an existing investor, Maptek, strengthening their balance sheet.

EDITION: 517
Engineering, Industrial Services & Engineering Innovation

  • Incitec Pivot (IPL-AU) announced a ~$500 million return of surplus capital to shareholders by way of an equal capital reduction.

  • Worley (WOR-AU) has been awarded a new global framework agreement by BP to undertake EPC services on BP’s new energy portfolio.

  • Austin Engineering (ANG-AU) announced an expected improvement in 1H FY24 financial results. NPAT guidance reflects an 18% upgrade to $12-$14 million.

  • NRW Holdings (NWH-AU) has been named Preferred Proponent for the $225 million Reid Highway Interchanges project.

  • Perenti (PRN-AU) has secured $240 million of contract extensions for its underground mining businesses.

  • Dynamic Group (DDB-AU) has entered into a binding agreement to acquire 100% of Airwell Flow Testing for a total cash consideration of $2 million.