MURRAY & ROBERTS
Contractor completes Australian gas work
JSE-listed M&R says in an update oil and gas platform earnings growth is only expected in the medium term
Murray & Roberts says major greenfields liquid natural gas projects in Australia have reached completion. Strategies are in place to secure work on brownfields gas projects, operations and maintenance works and public infrastructure projects. But the JSE-listed group said in an update on Thursday that oil and gas platform earnings growth from a current low base was only expected in the medium term, when global energy producers started investing in new projects. The platform maintained its order book at R5.2bn as at the end of September 2017, with no near orders. Meanwhile, the underground mining platform put in a "strong financial performance" in financial 2017, despite a limited number of projects linked to new mines. The mining platform’s order book was R16.8bn at end-September 2017, with near orders of R11.9bn, up from R6.3bn in June 2017. "All geographic regions are performing to management’s expectations. Demand for commodities is anticipated to grow in the short term on the ba...