Veris pipeline passes $190m with Iron Bridge deal

Fortescue's Iron Bridge magnetite project.

The Iron Bridge magnetite project. Image: Fortescue Metals Group.

Veris has become part of developments at Fortescue Metals Group’s Iron Bridge magnetite project in Western Australia, signing a contract for pipeline infrastructure.

The scope of works covers survey management services, including surveying, data and GIS services for a concentrate and return water pipeline.

The $4 million contract will take place over the next 12 months, after Stage 1 early works began in late 2021.

Veris received $2 million last year for its early works at Iron bridge, bringing the total revenue for both contracts to $6 million.

The latest Fortescue contract came alongside a $600,000 deal for Veris for works on the Beaudesert Water Supply Upgrade in south-east Queensland.

Veris Australia chief executive officer Michael Shirley said both contracts put the company on display as a leader in its field across Australia.

“We continue to demonstrate our strength in the delivery of pipeline surveys and spatial data services across Australia, and look forward to working closely with our clients to execute these projects with our talented teams in Queensland and Western Australia,” Shirley said.

“Given the considerable workload of future pipeline projects nationally, we are well positioned to leverage our strength and capability in pipelines and linear infrastructure to secure future opportunities.”

The contract has brought the value of Veris’ workload over the next 12 months past $50 million. Over the next 24 months, the value of this pipeline will grow to $190 million in Australia alone.

The company recently sold its technology business, Aqura Technologies, to Telstra for $30 million, handing Australia’s leading telecommunications company a raft of ongoing contracts with the likes of BHP and Roy Hill.

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