- GenusPlus (GNP) wins $30 million worth of contracts with Pilbara Energy Company, a subsidiary of Fortescue Metals Group (FMG)
- Contracts are scheduled to commence immediately for construction of a 98-kilometre 220-kilovolt single circuit overhead transmission line
- The project follows on from the Stage 1 Pilbara Transmission Project which the company says is nearing completion
- GenusPlus intends to increase its construction capabilities with the acquisition of specialist equipment costing around $6 million
- Shares have been ended the day 0.39 per cent in the green to trade at $1.28
GenusPlus (GNP) has been awarded contracts valued around $30 million with Pilbara Energy Company, a subsidiary of Fortescue Metals Group (FMG).
Contracts are scheduled to commence immediately for part of the construction of the Pilbara Transmission Project. The company said the new stage three works include the construction of a 98-kilometre, 220-kilovolt single circuit overhead transmission line.
The project will have a peak manning capacity of approximately 100 direct personnel and follows on from stage one of the project which is nearing completion.
GenusPlus will increase its capability in transmission line construction with the acquisition of additional specialised drilling equipment that is used to create the footing of transmission towers.
The cost of the equipment is approximately $6 million and will be debt-funded through existing equipment finance facilities. The company said the equipment will provide the opportunity to expand its internal drilling capability.
GenusPlus Managing Director, David Riches, said the contract award was a testament to his team.
“It is a compliment to the team and recognition for GenusPlus that Fortescue has awarded our business with further contracts for the next stage of the Pilbara Transmission Project,” he said.
Shares were up 0.39 per cent trading at $1.28 at market close.