SRG Global Awarded $150m Term Contract to Provide Multi-Disciplinary Services to Fortescue Metals

 • SRG Global awarded a $150m, five-year term contract

• Master Agreement for Maintenance and Shutdown Services

• Servicing Fortescue’s mine, rail and port locations throughout Western Australia SRG Global Ltd (‘SRG Global’ or ‘the Company’)

(ASX: SRG) is pleased to announce it has been awarded a five-year term contract with Fortescue Metals Group (ASX: FMG).

The $150m term contract is a Master Agreement for Maintenance and Shutdown Services, initially to provide rope access and electrical maintenance requirements across FMG mine, rail and port locations throughout Western Australia.

Locations include Christmas Creek, Cloudbreak, Firetail, Kings Valley and Eliwana mine sites, along with its supporting rail and port infrastructure.

The contract will commence immediately for a period of five years.

SRG Global Managing Director, David Macgeorge, commented: “We are delighted to be selected as a key partner to FMG and to provide critical maintenance and shutdown services across their Pilbara operations for the next five years. This is another significant step forward in our strategy to build a portfolio of annuity earnings, with quality clients, to deliver long-term sustainable growth.”

South 32 contract

SRG Global Secures Long-Term Refractory & Access Contracts with South32, valued at ~$125m
Highlights:
• New eight-year ~$100m contract with South32 for specialist Refractory Services
• Two-year ~$25m extension on existing six-year engineered Access Services contract
• Continuing to deliver on SRG Global strategy of transitioning business mix towards annuity/recurring earnings
SRG Global Ltd (‘SRG Global’ or ‘the Company’) (ASX: SRG) is pleased to announce it has secured a long-term ~$100m contract with South32 Worsley Alumina (‘South32’) to provide specialist Refractory Services, including gunning and casting and installation of refractory products and anchors. Works under the contract will commence in October 2020 with a duration of eight years.
South32 has also extended SRG Global’s existing engineered Access Services contract for a further two years. The contract extension is valued at ~$25m and will see SRG Global continue to provide access services at South32’s Worsley Alumina operations until mid-2027.

SRG bringing forward dividend of 0.5c share, and have reduced costs, with future growth projects committed with infrastructure and mining contracts. Shares up 31% so far today on news. See report for details.