Civmec

Civmec: has secured contracts with a combined value of $50m, in relation to the Chevron operated Wheatstone and Gorgon projects. Works will commence next month. The first contract, linked to Wheatstone, is for the supply and mnft of 12,550 precast concrete ACCROPODE II units which will be used in the construction of a 980m long mass armour breakwater for the new Material Offloading Facility. Units will be mnft over a 12 mth period. The second contract is for the assembly of 41 modules totaling ~2,400 tons in Civmec’s Henderson facility over a 9mth period. This contract is in addition to its existing fabrication contract for the Gorgon project. Civmec last reported its orderbook at $144m, as at end Sep ’12. The stock trades at 20.3x P/E, vs peer Ausgroup at 9x.