Project development and contracting company Leighton Holdings Ltd
(ASX:LEI) subsidiary Thiess Services has secured a new electrical performance based contract with Western Power.
The contract is potentially worth up to an estimated $325 million over a maximum five year period and will see Thiess Services work with Western Power to upgrade and maintain its electrical distribution network throughout metropolitan Perth and south-west regional Western Australia.
The agreement is for an initial two-year period, and then three potential one-year extensions.
Thiess Services executive general manager, Michael Wright, says the company has the capacity to deliver a complete suite of distribution services to Western Power.
Mr Wright says Thiess is excited about the incremental service enhancements and levels of innovation the company can achieve together with this new contract arrangement in place.
Leighton Holdings fiscal 09 profit came to $440.04 million.
