Mark Beyer

Atlas Iron plans to write-down the value of its Pilbara assets by between $700 million and $900 million, after telling the market it is operating just at break-even before restructuring costs.

US company Hess Corporation has moved closer to developing its large Equus gas field off the WA coast, after striking an agreement to process the gas through the North West Shelf venture’s Karratha plant.

The state government will hit the business sector with increased payroll tax bills and make further cuts in public sector spending after confirming that its annual budget will plunge to a $1.29 billion deficit in the current financial year.

The ASX-listed parent company of law firm Rockwell Olivier has been placed in administration, opening up the possibility of its partners buying back the business.

Kerman Contracting has continued its run of success this year, securing a contract to develop new infrastructure at Rio Tinto’s Pilbara iron ore operations and in the process lifting its work in hand to $290 million.

Mining contractor Barminco Holdings has taken advantage of the falling Australian dollar to repurchase $US36.9 million of its US high-yield bonds, through a transaction that did not require the use of cash reserves.

West Perth-based Red Fork Energy, which has raised $125 million from investors over the past three years to support its shale drilling program in the US, has collapsed after losing the support of its major lender.

Energy infrastructure business APA Group has announced the purchase of the QCLNG pipeline in Queensland for $US5 billion ($A5.41 billion).

The tougher business climate has prompted some WA companies to cut executive salaries, but most have held the line and some have even awarded pay rises.