Perenti hails impact of Barminco acquisition

Perenti chairman Ian Cochrane and managing director Mark Norwell. Image: Perenti Global.

Barminco has delivered a bag of goods, along with changes, to parent company Perenti Global, with group managing director Mark Norwell describing the acquisition as fundamentally changing the business.

The acquisition enabled Perenti (formerly Ausdrill) to secure more than $3 billion of new and extended contracts during the 2019 financial year, according to Norwell.

Barminco has driven Perenti’s evolution from an Australian drilling business into a global mining services company, he continued.

Perenti now employs over 8000 people working at over 50 projects across four continents, with Barminco declared the winner of the Large Employer of the Year award at the 2019 Western Australian Training Awards.

“Whilst we continue to position the business for the future, we will also ensure we deliver our current commitments to our customers, and achieve our 2020 financial year guidance of $140 million net profit after tax, safely,” Norwell said.

“Our guidance is based on the market remaining positive, no significant change to the regions in which we operate and the continuance of our client’s business plans.”

Perenti has also enhanced the company’s governance framework and systems after $11 million in fraud was uncovered in April.

Chairman Ian Cochrane said a former employee had perpetrated an “isolated incident” over an eight-year period.

This saw the employee’s dismissal and an external third party being charged with offences. The case is currently sitting before the courts.

Cochrane said the company operated in “challenging and isolated environments,” similar to those where the iconic and Western Australian lizard Perenti thrives.

Perenti has faced a challenge in India, where its regulations wouldn’t allow women to work underground.

“In conjunction with a customer, we successfully lobbied the Directorate General of Mines Safety to change regulations to allow female employees to work underground,” Cochrane said.

“I’m delighted to say that this year we became the first company in India to have female employees working full time in an Indian underground mine.”

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