Cimic's (ASX:CIM) associate Ventia awarded new contract with NBN Co

Company News

by Lauren Evans

Ventia has announced that its telecommunications business, Vision Stream Australia, has been awarded a significant new contract with NBN Co. The mining and construction contractor Cimic  (ASX:CIM) owns 50 per cent of Ventia. 

Ventia’s telecommunications business provides clients with end-to-end telecommunication services spanning design, supply, construction, installation, commissioning and maintenance of network infrastructure. The contract is expected to deliver revenue of approximately $400 million to Ventia over the next 2.5 years, subject to work orders and volumes.

The program continues NBN Co’s rollout of fibre, meaning eligible premises currently connected via fibre-to-the-node technology will progressively gain access to fibre-to-the-premises technology.

Ventia group Chief Executive Officer Dean Banks said, “We are proud to be extending our long-term relationship with NBN Co. We will be using our knowledge of the nbn network combined with our extensive experience managing other large-scale telecommunication network build and maintenance programs to continue supporting the delivery of improved digital connectivity for our communities.”

Works under the scope of the new contract will commence immediately.

Shares in Cimic (ASX:CIM) are trading 1.1 per cent higher at $19.80. 

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