Aveng is postponing the release of its annual results by more than a month as it conducts a review of long outstanding uncertified revenue. This involved a multimillion-dollar award over the Queensland Curtis Liquefied Natural Gas (QCLNG) pipeline project completed in 2014 by a joint venture that included Aveng subsidiary McConnell Dowell in Australia. It is also related to the termination of the Aveng Steel subsidiary disposal process; the Aveng Grinaker-LTA empowerment transaction; and the renewal and withdrawal of cautionary announcements. Aveng said its annual results, which had been set down to be released on August 22, will now be published on September 28. After various contractual disputes and a protracted arbitration process, the construction and engineering group said it had now received A$50.5m ($40.04m) — including interest — for the QCLNG project. But this was less than the amount recognised within uncertified revenue and claims. In this regard, the group had said that ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now