Kentz raises expectations as orders pile up

Oil and gas focused engineer Kentz says orders are growing and it expects its full year figures to come in ahead of expectations.

In a management statement released to coincide with the annual general meeting (AGM) on Friday morning, the company says its backlog of orders had grown to $2.46bn by the end of April, with a significant number of contracts worth over $100m.

Recent wins include a contract for work on the Queensland Curtis liquefied natural gas project and the $128m mechanical, electrical and instrumentation contract for Syncrude's Aurora North mine relocation project, in Alberta, Canada.

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The order pipeline now stands at $10.8bn, with the group confident this will grow.

The backlog is approximately 66% reimbursable, 12% unit rate reimbursable and 22% lump-sum.

BS