May
Engineering parts biz HMA Group seeks backer; $200m valuation tipped
The group, which sold $144 million worth of capital plant equipment to the likes of Glencore and Thiess last year, has sent PKF Corporate Finance on a hunt.
- Sarah Thompson, Kanika Sood and Emma Rapaport
More jobs go at Downer EDI in efficiency drive
Dozens of employees have lost their jobs in a new wave of cost-cutting including senior executives and people in the engineering group’s IT operations.
- Jenny Wiggins
March
ASX-aspirant Tasmea back in front of fundies, mandates brokers
Tasmea has mandated Shaw and Partners, Morgans and Unified Capital Partners as joint lead managers for an IPO of about $50 million.
- Sarah Thompson, Kanika Sood and Emma Rapaport
February
Worley writes off Ecuador claims as interim net profit rebounds
Worley CEO Chris Ashton says the global engineering group could pursue claims for work done in Ecuador through the South American country’s courts after a $58 million write-down.
- Jenny Wiggins
Downer EDI net profit rises 6pc on turnaround
Downer EDI’s shares surged to their highest levels in more than a year after profits beat expectations and the contractor deepened its cost-cutting targets.
- Jenny Wiggins
- Exclusive
- Commercial real estate
Engineers cut staff as commercial work slows
Year-end job cuts aren’t unusual in engineering – official job vacancy data shows a fall in advertised jobs each year – but the slowdown is biting the profession.
- Michael Bleby
January
Worley devoting ‘extensive resources’ to corruption allegations
Worley has until February 7 to respond to a US court claim filed by Ecuador that alleges it paid “improper benefits” to state-owned companies.
- Jenny Wiggins
How Brisbane Olympics can get ‘better bang for a buck’
Olympic Games planners should not be scared of “flying in the face” of beautiful architecture and using infrastructure, says the incoming chairman of Arup.
- Jenny Wiggins
Qantas accused of intimidating LAX engineers
The airline strongly rejects the claims, which come as LAX-based mechanics and maintenance workers push for collective bargaining rights.
- Ayesha de Kretser
Corruption claims ‘not material’, Worley tells ASX
The global engineering group did not disclose an arbitration decision that found it wilfully ignored the corruption of an Ecuadorian subcontractor.
- Updated
- Jenny Wiggins
Worley denies Ecuador corruption allegations, but shares slide
The South American country claims the engineering group “engaged in corruption and bad faith” in securing contracts with its national oil corporation.
- Jenny Wiggins
November 2023
Grant Fenn should be accountable for Downer woes, proxy groups say
Downer EDI is poised to cop a protest vote against exec pay at this week’s AGM after advisers queried share rights awarded to its former CEO.
- Jenny Wiggins
October 2023
Worker shortage forces Snowy 2.0 to get creative with recruitment
The massive project needs to fill 300 positions in three months, and another 1500 over its life. That’s creating a boom – and a shortfall – for other employers.
- Jenny Wiggins and Angela Macdonald-Smith
September 2023
Qube tears up freight hub contract with Martinus Rail
Construction has stopped on an interstate rail hub in southwest Sydney after logistics group Qube scrapped a $140 million construction deal.
- Jenny Wiggins
Don’t get ‘left behind’ on renewables investment, engineering CEO says
Countries that don’t emulate the US and provide financial incentives to kick-start renewable energy projects risk missing out on billions of dollars of investment.
- Jenny Wiggins
RCR had ‘two sets’ of books, lawyers say after $40m settlement
The engineering group had dual accounts showing different pictures of its finances before it collapsed, lawyers said after settling a long-running class action lawsuit.
- Jenny Wiggins
Webuild’s Australian business saved by Snowy 2.0 restructure
Italian engineering group Webuild was facing losses of $4 billion to $5 billion on Snowy 2.0 before the contract was restructured.
- Jenny Wiggins and Angela Macdonald-Smith
August 2023
Monadelphous says outlook ‘strong’ defying China wobbles
The Perth-based engineering group expects to secure more resources and energy contracts after reporting a $53.5m annual net profit.
- Updated
- Jenny Wiggins
Worley CEO Chris Ashton takes ‘laser-like’ approach to AI
The engineering company has set up a new working group to examine how to incorporate artificial intelligence into its global business.
- Jenny Wiggins
Downer EDI boss pledges ‘first-grade’ governance after $386m loss
The troubled contractor has put a former Lendlease executive in charge of risk management as it tries to get back into the black.
- Updated
- Jenny Wiggins
