27/02/2020 - 12:02

SRG wins work on Chevron HQ

27/02/2020 - 12:02

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SRG Global has secured a major portion of construction works at Chevron’s new headquarters, currently being built at Elizabeth Quay, under a $72 million contract with Multiplex.

SRG wins work on Chevron HQ
SRG Global will begin work on the 29-storey tower in May. Photo: Brookfield

SRG Global has secured a major portion of construction works at Chevron’s new headquarters, currently being built at Elizabeth Quay, under a $72 million contract with Multiplex.

Shares in SRG Global surged 10.6 per cent on the announcement to trade at 39 cents per share.

Its contract comes about a month after project developer Brookfield, appointed by Chevron in mid-2018, introduced Multiplex as its building partner for the $360 million office tower, located at 1 The Esplanade.

SRG will begin work on the tower in May, including on the complete concrete structure at the 54,000 square metre site as well as the design, supply and installation of engineered curtain wall façade.

The works are expected to complete in May 2022.

SRG Global managing director David Macgeorge said the project was an important win for the company.

“Elizabeth Quay is an iconic development precinct with a multi-billion dollar pipeline of work and SRG Global is proud to continue our involvement in the ongoing development of Elizabeth Quay,” he said.

The company had built the Quay’s pedestrian bridge, as part of its joint venture with Hawkins Civil, and the two-towered Ritz-Carlton hotel, which opened in November.

SRG also has decades-long relationship with Multiplex, Mr Macgeorge added.

The company's work-in-hand stood at a record $737 million at December 31, up 42 per cent in the last 12 months.

Its new contract with Multiplex comes two days after SRG posted a 28.6 per cent rise in revenue to $267.1 million, compared with $238.5 million a year earlier, saying it had achieved strong growth in its asset services segment.

Last month, the group was awarded a $90 million asset services contract with Alcoa for work at its alumina refinery in Kwinana.

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