- Veris’s (VRS) wholly-owned subsidiary Veris Australia is awarded an initial contract to provide Project Network Control and Survey for tunnelling for the M6 Motorway, Stage 1 in Sydney, New South Wales
- In a joint venture with other companies, the package is expected to generate an estimated revenue of between $5-8 million for Veris Australia over a 30-month period with potential for subsequent further growth
- Early-stage scoping works commenced in late February 2022
- VRS shares were trading at seven cents, up 1.45 per cent at market close
Veris’ (VRS) wholly-owned subsidiary, Veris Australia, has been awarded an initial contract to provide Project Network Control and Survey for tunnelling for the M6 Motorway, Stage 1 in Sydney, New South Wales.
In a joint venture with CPB Contractors, Ghella and UGL, the package is expected to generate an estimated revenue of between $5-8 million for Veris Australia over a 30-month period with potential for subsequent further growth.
The $2.7 billion M6 Stage 1 is being delivered by Transport for NSW in collaboration with its contractor CGU and will connect Sydney’s south to the wider city’s motorway network.
This is said to improve journey times, reduce congestion and remove trucks from local streets.
Veris Australia CEO Michael Shirley said that the project is “a significant addition to [the company’s] portfolio of tunnel, road and rail projects that we are currently delivering across Australia”.
“It demonstrates not only our specialist capability but also our capacity to deliver large infrastructure projects with major resourcing demands.”
Subject to obtaining relevant planning approvals, the project includes delivery of an underground motorway connection between President Ave, Kogarah and the M8, mainline tunnels and shared cycle and pedestrian pathways which are expected to commence in Stage 2 of development.
Early-stage scoping works commenced in late February 2022.
VRS shares were trading at seven cents, up 1.45 per cent at market close.