Service Stream gets more NBN work.
Service Stream has won an extension of its contract for NBN construction in greenfields sites.
Service Stream currently provides greenfields construction services for NBN Co in New South Wales, Western Australia, South Australia and the Northern Territory. The new contract, which will run for an initial 2 years, will also allow Service Stream to pick up work in other regions.
The contract is worth a minimum $70 million in its initial term with the potential for a further $70 million in the following 2 years.
Service Stream has been involved in greenfields build since 2011 when it worked as a construction partner to Fujitsu on the first major greenfields contract let by NBN Co.
It has also played a role in the “volume” brownfields roll-out in South Australia and Western Australia through Syntheo, its joint venture with Lend Lease. That venture unravelled during 2013, leaving Service Stream with losses of some $20 million.
