Hastie wins $29m NW Shelf contract

Industrial building services and refrigeration company Hastie Group has secured a $29 million contract to procure air conditioning systems for the North Rankin B platform under construction for the North West Shelf Venture.

The company said it had signed the contract with Hyundai Heavy Industries.

Chief executive David Harris said the contract demonstrated the strength of Hastie's business model.

"The group's diverse customer base across industry sectors and wide range of services provide resilience to our earnings in the present economic environment," Mr Harris said.

The company said design work had begun on the NW Shelf project, which is due to be completed in June 2010, the final month of Hastie's fiscal 2010 year.

The majority of revenue is to flow in fiscal 2010.

Mr Harris said Hastie was on track to achieve its fiscal 2009 guidance of earnings per share between 35 and 38 cents.

At 1005 AEDT, Hastie shares went up eight cents or 6.14 per cent to $1.20.