Transfield soars on $1.2bn govt contract
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Transfield Services (TSE) has been awarded a government contract for work on offshore processing centres that will net the company over $1 billion.
Investors reacted well to the news. At 1301 AEDT, Transfield shares were 18.87% higher at 94.5 cents, against a benchmark index incline of 0.07%.
In a statement to the Australian Securities Exchange, Transfield said it had received a letter of intent from the Department of Immigration and Border Protection for garrison and welfare services at the government's offshore processing centres on Manus Island and Nauru.
Transfield said the contract is worth $1.22 billion, based on the current occupancy of both centres, and was for a period of 20 months.
Medical and counselling services will remain the responsibility of the IMHS, while Transfield will sub-contract security work to Wilson Security on Manus, as it has on Nauru.
Transfield managing director and chief executive officer Graeme Hunt said the group was pleased with the expanded size and scope of its relationship with the Commonwealth.
“Transfield Services has considerable experience in this type of work, having been on Nauru since the centre there was established and before that, providing similar services at Defence facilities across New South Wales, Victoria, South Australia and Western Australia," he said.
"We do not underestimate or take for granted the differences in circumstances in Nauru and Manus.
"However we know that we can bring much of that knowledge and our practical approach to Manus Island for the benefits of all stakeholders. We take this opportunity and responsibility very seriously."
Transfield said it had already started the mobilisation and transition process, with a formal handover commencing at the beginning of March.
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