Investor Presentaiton
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FY20 Summary - Oil & Gas
GR Engineering's wholly owned subsidiary, Upstream Production Solutions
Pty Ltd (Upstream), generates longer term operations and maintenance
services revenue which results in baseline revenue alongside project
based design and construction work.
During FY20, revenue contributions were primarily from:
·
.
Wellsite and plant maintenance work in the Bowen and Surat Basins
(Origin Energy Ltd and Santos Ltd)
Timor Sea operations and maintenance services (Australian
Government and Eni Australia Ltd)
Maintenance work on assets in the Perth Basin including Mitsui Co.
(Australia) Pty Limited
Commissioning, operations and maintenance support services and
surface facility construction in Victoria to clients including APA Group.
As reported at 31 December 2019, Upstream PS' FY20 results were
negatively impacted by the impairment of $17.6 million relating to an
outstanding receivable owned by Timor Sea Oil & Gas Pty Ltd (liquidators
appointed) (TOGA).
Following TOGA being placed into liquidation, the Australian Government
engaged Upstream PS to provide operations and maintenance services to
the Northern Endeavour FPSO, in a non-production environment.
GR
Reference: 2677358
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