Ausgroup

Ausgroup: Group announced it has been awarded an extension of their existing contract with Apache Energy Limited for ongoing works on Varanus Island and associated offshore facilities. Valued at c.A$15m per annum, Group’s scope of works involves mechanical services, sheet metal fabrication, scaffolding and rigging and instrumentation and electrical services. Group will also provide minor capital works services including the fabrication and installation of pipe and structural work, roofing and wall cladding, painting and protective coatings, piping and, electrical upgrades. Ausgroup has won several projects with a total contract value of A$50m this year, with a total order book at A$280m. Ausgroup currently trades at 9x PE, vs peers Civmec at 20x, and Tat Hong at 15x.