Shares in Monadelphous Group Ltd (ASX: MND) are trading sharply higher at new record levels after the company announced $110 million worth of new contracts.
The wins follow a $175 million contract win with BHP Group Ltd (ASX: BHP) announced earlier in the week, which in turn followed a $250 million contract win with Rio Tinto Ltd (ASX: RIO) in December.
Image Source: Getty Images
Diversified contracts won
The company said on Thursday that the new contracts were "in the resources and energy, and renewable energy sectors''.
Monadelphous said in its statement to the ASX:
The company has secured a four-year contract with BW Offshore Australia Management to provide multidisciplinary maintenance services at the BW Opal Floating Production Storage and Offloading (FPSO) facility located approximately 300 kilometres north-northwest of Darwin, Northern Territory. Work is expected to commence on the facility in the first quarter of 2026.
The company was also awarded a contract with Rio Tinto for modification works at the Hope Downs 2 iron ore project in the Pilbara region of Western Australia, with that work expected to be completed in the second half of 2026.
The company went on to say:
In Papua New Guinea, the company has secured a contract with Santos for the demolition and disposal of the Hegigio Pipeline Bridge, a 500-metre-long suspended wire bridge, located in the Southern Highlands region. Work is expected to be completed in the second half of 2026. Finally, Zenviron, the company's renewable energy joint venture, has secured a contract with Flow Power for the delivery of the 100/223 MWh Bennetts Creek Battery Energy Storage System in the Latrobe Valley, Victoria. The work, which includes balance-of-plant design, construction, installation and commissioning, is expected to be completed in late 2027.
Strong momentum
At the company's AGM in late November, chair Rob Velletri said the company had in 2025, secured about $2.3 billion in new contracts and contract extensions, which was a record, plus had added another $570 million since the end of the financial year.
Mr Bebic said at the time the company was forecasting revenue for the half-year ending December 30 of about $1.5 billion, with full-year revenue expected to be about 20% to 25% higher than the previous year.
Shares in Monadelphous Group have more than doubled over the past year, and were changing hands for $28.87 on Thursday morning, up 7.6%. The shares traded as high as $28.89, which was a new record, before settling back.
The shares have increased from lows of $13.36 over the past year. The company was valued at $2.68 billion at the close of trade on Monday.
