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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • OTOC Limited Wins $4.3M In Contracts For Rio Tinto, Landgate 0 comments
    Jul 18, 2013 3:17 AM

    OTOC Limited' (ASX: OTC) wholly owned subsidiary Whelans Australia has been awarded contracts totalling $4.3 million to carry out survey services and aerial acquisition works.

    SKM has contracted Whelans to provide survey services worth $3.8 million for Rio Tinto's (ASX: RIO) Expansion Project at Cape Lambert Port B Project with works to commence immediately.

    The $0.5 million aerial acquisition works involve capturing aerial imagery throughout Western Australia for LandGate as part of their State Land Information Capture (OTC:SLIC) Program for 2013/14.

    This will begin in August and will be carried out under Whelans joint venture with Aerodata International Surveys.

    "OTOC is pleased to announce the awards to Whelans Australia. Whelans continues to generate consistent revenue and earnings, benefiting from investment in its regional office network and exposure to the oil & gas and civil construction sectors," chief executive officer Adam Lamond said.

    Whelans

    Whelans is a leading consultancy in the provision of surveying, aerial surveys and town planning, with a focus on the resources sector.

    It has 160 professional staff operating from offices in Perth, Karratha, Broome, Kununurra and Kalgoorlie.

    The business' private and public sector client base includes Woodside Petroleum, Water Corp, BHP, Rio Tinto and Main Roads.

    OTOC had previously noted that Whelans had a strong growth outlook and order book.

    Analysis

    The latest contract awards from SKM and Landgate add to OTOC's growing order book, which includes the $28.7 million contract for Stage 1 of the Nauru Processing Centre awarded to OTOC Australia.

    OTOC is also poised to record EBITDA growth from its Facilities Division after acquiring the remaining 50% of a 700 person commercial kitchen/diner facility in the Pilbara, Western Australia, earlier this week.

    With the growing pipeline of projects, the company is well-positioned to increase earnings in the 2014 financial year, building on the previous years growth.

    The EBIT for the 2013 financial year is expected to exceed the $7.2 million in the 2012 financial year.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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