Shares in engineering firm UGL have tumbled after its joint venture partner flagged a $US170 million ($A200 million) cost blowout to the construction of a power station at Inpex's Ichthys LNG project in Darwin.
UGL has selected former UWA graduate and Clough executive Russell Waugh to lead its engineering business, which is set to become a listed company in its own right following a demerger.
UGL and Sedgeman have joined the growing list of engineering and mining services companies forced to slash costs in response to a slowdown in project work.
Engineering and property management firm United Group Ltd has booked a 45.7 per cent rise in first half profit and maintained its annual earnings guidance as recent US acquisitions boosted revenue to a record high.
11 Feb 2008
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