Boom Logistics Limited (ASX: BOL), has been awarded a contract for maintenance work on Squadron’s Energy’s wind asset portfolio.
The $12 million contract will see Boom providing crane support and is expected to commence in the first half of FY25.
Boom describe the contract as an important engagement in the rapidly growing windfarm maintenance industry and said it complements the established and growing operational footprint Boom has in wind farm construction. Over 3500 wind turbines operating in Australia require ongoing maintenance and the sector provides a significant growth opportunity for the company.
Boom Logistics generated 17% of its 1H FY24 revenue from the renewables sector and has secured over $186 million in new contract wins and contract renewals so far in FY24
Ben Pieyre, Boom Logistics’ CEO said: “The maintenance contract builds upon our existing operational footprint within the renewables industry. With a large and recently installed wind turbine base, maintenance work provides a large and ongoing opportunity for Boom.
“The Company has secured a number of new contracts in FY24 reflecting both the strong end-market environment and our track record of operational delivery. Boom’s growing contract base coupled with our focus on improved operational efficiency and margins continues to underpin our improving financial performance.”
BOL was trading at 14 cents.