DOW 0.71% $5.67 downer edi limited

downer edi awarded 5 plus 2 year extension to tele

  1. 9,241 Posts.
    Downer EDI awarded 5 plus 2 year extension to Telecom NZ
    field services contract valued at over $400M (NZ$450M)
    Sydney: Downer EDI Limited (Downer EDI) today announced that its
    engineering division, Downer Engineering, has been awarded a major
    telecommunications field services extension contract with Telecom New
    Zealand Limited (Telecom).
    Downer EDI Managing Director, Stephen Gillies, said this latest contract
    success is in keeping with Downer EDI’s forecasts for secured revenue.
    “Currently secured revenue for the 2004 financial year is around 90% of our
    revenue target for the year,” Mr Gillies said.
    The extension contract, awarded to Downer Engineering’s telecommunications
    business unit Downer Connect, covers field services for Telecom in
    maintenance, provisioning, cable location and deployment of new network, and
    is for a period of 5 years, with a further 2-year option. The new contract,
    scheduled to commence 1st February 2004, will add to the current contracts
    which are due for completion in April 2005, and will secure forward revenue for
    the business potentially out to 2011.
    The value of the contract over the five-year period is in excess of $400 million
    (NZ $450 million).
    Downer Engineering has won 5 of the 10 area ‘patches’ tendered by Telecom,
    which is an increase in market share of over 25%, and is one of two suppliers
    awarded contracts.
    Chief Executive of Downer Engineering, Chris Denney, said: “The contract
    renewal confirms Downer Engineering’s position as a major long-term supplier
    of quality services to Telecom, and follows recent success for Downer
    Engineering in the Australian market with the award of a long-term contract with
    Telstra for access network services in the New South Wales Country region.”
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