Login | Register
Profile | Log out
logo

  • Home
  • News
  • Opinion
  • Other
    • Market Updates
    • Explainers
    • Satire
  • About
  • Contact Us
    • Contact
    • Get Covered
    • Posting Guidelines
  • Subscribe
Submit An Article

Latest Articles

  • Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    Nanoveu Secures $2 Million to Fast-Track Commercial Launch of ECS-DoT Chip and AIoT Platform
    • News

  • Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    Archer Unlocks Cryogenic Sensor Breakthrough for Quantum Computing
    • News

  • EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    EGL Secures $1.9M PFAS Plant Contract as Demand for Clean-Up Technologies Surges
    • News

  • RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    RocketDNA Secures Major Aerial Tech Contract with Vault Minerals at WA Gold Site
    • News

  • BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    BirdDog Boosts Buy-Back Offer by 40% Ahead of ASX Delisting Vote
    • News

  • AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    AML3D Launches High-Tech U.S. Facility to Power Submarine Supply Chain
    • News

  • Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    Vection Enters $520K Agritech Deal to Build AI-Powered Farming Robot
    • News

  • Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    Unith Achieves Strong Growth in Platform Usage and Strategic Partnerships
    • News

  • FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    FBR and Samsung Heavy Industries Execute Engineering Service Agreement for Shipbuilding Automation Project
    • News

  • Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    Bioxyne Lifts FY2025 Revenue Forecast as Psychedelics and Pharma Push Gains Pace
    • News

Duratec secures first direct contract from Woodside while expanding footprint in defence infrastructure

  • In News
  • September 10, 2024
  • Emily Maxwell
Duratec secures first direct contract from Woodside while expanding footprint in defence infrastructure

Engineering and construction firm Duratec (ASX: DUR) has secured $76.5 million worth of significant contracts from the energy and defence sectors which includes their first direct contract with energy giant Woodside Energy (ASX: WDS) and their largest contract to date with the Australian Department of Defence. 

The first of the contracts is valued at $21.8 million for the refurbishment of the King Bay Supply Base (KBSB) Wharf located at the Port of Dampier in Western Australia. The project, contracted by Woodside, involves extending the service life and enhancing the safety and operational efficiency of the existing wharf facility. The refurbishment is part of Duratec’s broader business strategy to diversify its portfolio within the energy sector.

Preliminary work for the KBSB project is set to begin in November 2024, with onsite work scheduled to commence in February 2025. The project is expected to be completed by the end of 2025. This contract represents a significant opportunity for Duratec, as it not only reinforces its capabilities within the energy sector but also opens the door for future collaborations with Woodside.

In addition to the energy sector win, Duratec’s 49%-owned associate business, DDR Australia (DDR), has secured a $54.7 million contract with the Department of Defence. This is the largest contract ever awarded to DDR and forms part of the Project Phoenix portfolio, a major initiative in the Northern Territory. The project involves the refurbishment of existing buildings, upgrades to engineering services, construction of a new receive site, and the installation of fibre optic link cables. The work also includes the decommissioning of high-frequency communications infrastructure.

DDR is expected to commence early civil works in October 2024, with the project spanning 30 months. The contract is expected to have a lasting impact on the region, as it will be delivered in collaboration with regional partners, ensuring that local businesses benefit from the contracted works.

Duratec’s Managing Director, Chris Oates, expressed his excitement about the company’s recent successes. 

“We are delighted to be working directly with Woodside as we execute Duratec’s wider business strategy to pursue diversification through investment in the energy sector,” he said. 

“The DDR award demonstrates that the company continues to be a trusted defence partner.”

The new contracts come at a time of strong financial performance for Duratec, which reported record revenues of $555.8 million for FY24, a 13% increase from the previous year. 

The Company’s EBITDA also saw a significant rise of 22.6%, reaching $47.6 million, while NPAT grew to $21.4 million with shareholders rewarded with a 2.5 cent per share fully-franked dividend. 

  • About
  • Latest Posts
Emily Maxwell
Emily Maxwell is a business writer at The Sentiment with interest in the tech, fintech and retail industries.
Latest posts by Emily Maxwell (see all)
  • Harris Technology nears profitability as refurbished tech division gains traction - February 28, 2025
  • Harris Technology sees big opportunity for refurbished tech in 2025 with positive cash flow - January 27, 2025
  • PainChek locks in performance data for FDA submission, aiming to befirst pain assessment app approved in US - October 3, 2024
  •  
  •  
  •  
  •  
  • asx dur
  • asx wds
  • Chris Oates
  • construction
  • Department of Defence
  • duratec
  • engineering
  • Woodside
  • Woodside Energy
  • News

Leave a Comment

You must be logged in to post a comment.

  • About
  • Latest Posts
Emily Maxwell
Emily Maxwell is a business writer at The Sentiment with interest in the tech, fintech and retail industries.
Latest posts by Emily Maxwell (see all)
  • Harris Technology nears profitability as refurbished tech division gains traction - February 28, 2025
  • Harris Technology sees big opportunity for refurbished tech in 2025 with positive cash flow - January 27, 2025
  • PainChek locks in performance data for FDA submission, aiming to befirst pain assessment app approved in US - October 3, 2024

Login or register for free to access unlimited reading

Register Now!
  • About
  • Latest Posts
Emily Maxwell
Emily Maxwell is a business writer at The Sentiment with interest in the tech, fintech and retail industries.
Latest posts by Emily Maxwell (see all)
  • Harris Technology nears profitability as refurbished tech division gains traction - February 28, 2025
  • Harris Technology sees big opportunity for refurbished tech in 2025 with positive cash flow - January 27, 2025
  • PainChek locks in performance data for FDA submission, aiming to befirst pain assessment app approved in US - October 3, 2024
  • News

  • Opinion

  • Satire

  • About

  • Contact Us

  • Subscribe

The content published on this website is solely for general information purposes and is not to be construed as financial advice. Should you seek financial advice you should consult with an appropriately qualified person. Opinions expressed on this site are subject to change without notice and The Sentiment who produced this content is under no obligation to keep the information current. The Sentiment, affiliated companies & associates may have a conflict of interest with companies discussed on the website due to commercial arrangements, for example they may be shareholders in the company, be engaged by them to assist in investor communications or receive commission/brokerage for funds raised.

Copyright © 2020 The Sentiment. All rights reserved.
Subscribe

Enter your email address below to subscribe to The Sentiment’s weekly newsletter, highlighting the top news, research, opinion and satire articles shaping ASX investor sentiment.

The Sentiment respects your privacy and will not spam you. View our privacy policy here.