Austal will build a ferry for the government of Trinidad & Tobago, in a deal worth approximately $97.7 million, while also announcing it had won an advanced $54.9 million order for materials to construct a transport vessel for the US Navy.
Subcontractors WA chair Louise Stewart has welcomed the state government’s decision to expand the use of project bank accounts (PBAs) to protect subcontractors, but is pushing for the introduction of legally binding statutory trusts.
The administrators in charge of RCR Tomlinson have secured funding to support the engineering contractor’s operations, and disclosed that more than 180 parties have expressed interest in the planned sale of its business.
RCR Tomlinson, which grew rapidly to be one of Australia's largest engineering contractors with annual revenue of $2 billion, 3,400 staff and multiple contracts in WA, has been placed into administration after failing to secure new funding.
RCR Tomlinson has been served with a shareholder class action, as the engineering contractor requested a one week extension to its suspension from the ASX while it seeks to clarify its earnings outlook and funding requirements.