BRIEFS
CFO leaves
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.
SERVICES
$140m deals
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
Downer hit
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.
Frequently Asked Questions about this Article…
PaperlinX confirmed CFO Richard Barfield has left the company as it begins a restructure of its struggling European operations. For investors, a CFO change during a major restructure can signal management shifts and may affect how the company reports progress on cost cuts and restructuring outcomes.
PaperlinX announced it will restructure its struggling European operations and in November said about 370 jobs would go at those operations. Investors should note the company is actively reorganising its European business to address performance issues.
Transfield Services won several contracts totalling around $140 million. The work includes three years of maintenance at Woodside's offshore oil and gas facilities in Western Australia and the right to build several wells for the Queensland Curtis liquefied natural gas (LNG) project.
The $140 million of new contracts provide a clear near-term revenue stream for Transfield Services, including long-term maintenance work at Woodside offshore facilities and well construction for the Queensland Curtis LNG project, which can support earnings visibility for the company.
Downer EDI settled an arbitration dispute with Singapore company SP PowerAssets related to a 2003 tunnel contract in Singapore. Downer will pay S$50 million (about $40 million) as part of the settlement.
Yes. The settlement will hit Downer EDI's earnings. The company had previously held a provision of $28 million against the claim, so the settlement amount exceeds that provision and will impact reported results.
The arbitration claim was begun by SP PowerAssets in 2009 and related to a contract Downer won in 2003 to construct an electrical services tunnel in Singapore.
The article mentions Woodside, which owns the offshore oil and gas facilities where Transfield Services will provide maintenance, and SP PowerAssets, the Singapore company involved in the arbitration and settlement with Downer EDI. It also references the Queensland Curtis LNG project, for which Transfield will build several wells.
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