PaperlinX will embark on its restructure of its struggling European operations with a new chief financial officer. The paper and packaging group, which in November announced 370 jobs would go at its European operations, said CFO Richard Barfield had left the company and a replacement was expected to be named soon.
Transfield Services has won several new contracts worth $140 million, including work on two major energy projects. The contracts include providing maintenance at Woodside's offshore oil and gas facilities in Western Australia for three years. It also won the right to build several wells as part of the Queensland Curtis liquefied natural gas project.
Engineering company Downer EDI's earnings will be hit by the company's settlement of a legal dispute over a tunnel contract in Singapore. Downer will pay $S50 million ($40 million) to Singapore company SP PowerAssets as part of a settlement of an arbitration claim begun by SP PowerAssets in 2009. The claim related to a contract Downer won in 2003 for the construction of an electrical services tunnel in Singapore. Downer has held a provision of $28 million against the claim.
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