JSE-listed engineering and construction group Murray & Roberts (M&R) reports that its subsidiary Clough’s joint venture with Acciona has received preferred proponent status on a contract valued at about R2.4-billion for the transportation infrastructure upgrade on behalf of Main Roads in Perth, Western Australia.
The project will start towards the end of this year and will run for the next two years.
Clough’s share is about R1.2-billion.
After five years of strategic repositioning to diversify Clough away from its dependence on a single cyclical market in the Australian liquefied natural gas sector, the order book today reflects its thriving infrastructure and energy target markets, states M&R.
M&R notes that securing this project places Clough at the “forefront” of working with Main Roads and the Australian government on complex infrastructure project opportunities.
M&R’s energy, resources and infrastructure unit’s order book recently reached a historic high, with a pipeline of project opportunities supporting the group’s expectation of strong earnings growth over the next three years, it adds.