The SRG Global (ASX: SRG) share price is climbing higher today after the engineering company announced major contracts worth $55 million.
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SRG Global Ltd (ASX: SRG) shares have lifted this morning, after the company announced 3 new separate contracts worth $55 million. The engineering company says the contracts relate to bridge, dam, and tank project with various government bodies. At the time of writing, the SRG Global share price is trading up 4.7% at 33.5 cents.
What are the new projects?
SRG Global has secured 3 projects, to be executed concurrently:
Specialist balanced cantilever bridge contract variation with Transport for NSW as part of the New England Highway upgrade at Bolivia Hill, NSW
Specialist design and construct contract with Water Corporation for a 20ML water tank in Karratha, WA
Specialist dam remedial works at Paradise Dam, QLD for Sunwater and CPB Contractors
Commenting on the news: SRG Global managing director David Macgeorge said:
These contract awards highlight our diverse capability using specialist construction methods in our core markets of dams, bridges and tanks. We look forward to continuing our relationship with Transport for NSW, Water Corporation, Sunwater and CPB Contractors and building on our strong track record in these markets.
Today’s project announcements follow another major contract that SRG Global won back in July. At the time, the company said that it had secured an 8-year contract for the the provision of inspection and specialist maintenance services on the Auckland Harbour Bridge.
What is SRG Global?
SRG Global is an engineering company that provides asset services, mining services and construction operating across the entire asset lifecycle. It has a global portfolio of work, including The Emirates Tower in Dubai.
How has the SRG Global share price performed in 2020?
The SRG Global share price started the year at 40 cents. It dropped dramatically to 18 cents in March before recovering to today’s level of 33.5 cents. The company commands a market cap of $143 million.
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Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.