Fleetwood signs $58m Woodside contract for Karratha rooms

East Perth-based Fleetwood Corporation Ltd will build and install 388 additional rooms at its Searipple Village development in Karratha under a contract worth $58 million with Woodside Burrup Pty Ltd.

The full text of a company announcement is pasted below

Subject to obtaining all necessary planning approvals, Fleetwood has entered into an agreement to build and install an additional 388 rooms for Woodside Burrup Pty. Ltd. at Searipple Village in Karratha. The accommodation will be
provided under a take or pay arrangement until 30 June 2010 with Woodside retaining an option to extend the term.

The agreement also includes extending the term on 400 rooms already contracted to Woodside by a range of periods expiring on 30 June 2010.

The value of this contract, including transport and installation cost recovery, is approximately $58m.

With the installation of these additional rooms total capacity at Searipple Village will be approximately 1,400 rooms. If required the opportunity exists to further expand the Village by approximately 250 rooms.