Atlas Drilling Secures Canning Basin Drilling Contract from Buru Energy

The Nektar contracts to manage and provide catering services for three permanent camps in the Surat Basin will be completed in April. There are no other contracts in place at this time.

Base Transport and Logistics currently unutilized capacity is available to provide support to camp operations as part of the company’s remote camp turnkey solution.

Due to low revenue in the Accommodation Services business (RCH, Nektar and Base), it has continued to consolidate operations and rationalize costs, with a strong focus on business development in sectors outside of the traditional Queensland CSG-LNG projects. While there have not been any significant contracts awarded in recent months, the activity level for tender requests have increased during this period and decisions for several significant bids are expected during the second half of the calendar year.

Outlook

Since the company’s market update in January, global factors influencing oil, coal and commodity prices have not improved. While there are a significant dollar value of large infrastructure, coal and CSG related projects that Titan businesses are tendering to, these remain subject to various government and corporate approvals which are expected to be granted in the near term. The combination of these challenges, continue to create difficult market conditions for Titan and many of our customers and suppliers.

Titan has implemented further organizational changes as staffing levels are reduced in line with current trading conditions with a team of committed, capable and experienced people having sufficient capacity to deliver efficient and effective services to current and future clients.

The Company continues to focus on its safety program with no lost time injuries this financial year and a continuing focus on reducing the group’s Total Reportable Injury Frequency Rate (TRIFR).

Titan’s long-term strategy to provide a suite of diversified services to thce energy and infrastructure markets remains sound, underpinned by 20 plus year Queensland CSG-LNG project commitments as well as pipeline, infrastructure, rail, road and mining opportunities in Queensland and throughout Australia.


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