CIMIC Group’s (ASX:CIM) UGL secures Oil & Gas Extensions in Western Australia

Highlights

  • CIMIC Group’s UGL has received two contract extensions for planning, maintenance and shutdown services in Western Australia. 
  • CIMIC is likely to make AU$160 million in revenue from the contracts. 
  • Backed by the announcement, the stock closed 1.4% higher today.

The ASX-listed Capital goods Company, CIMIC Group Limited (ASX:CIM), announced on Friday that the Company’s UGL has been granted two contract extensions. CIMIC is expected to operate on planning, maintenance and shutdown services for the contracts in Western Australia. 

The contract extensions are not only expected to generate revenue to UGL of approximately AU$160 million but also: 

About CIMIC group: 

CIMIC Group is known for its engineering-led construction, mining, services and public and private partnerships leader working across the lifecycle of assets, infrastructure and resources projects.

Meanwhile the stock CIM closed 1.437% strong at AU$21.870 per share on the ASX today.

Bottomline:

CIMIC’s main objective is to earn sustainable shareholder returns by delivering innovative and competitive solutions for clients and safe, fulfilling careers for employees. With this transaction, the Company is trying to strengthen its position in the oil and gas industry as well.

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