Report on RBR Group Limited December 2022 Quarterly Report
RBR Group Limited has released its December 2022 Quarterly Report, which presents an update on its ongoing projects in Mozambique, Africa and Australia. The report highlights various accomplishments during the quarter, including the progress of its subsidiary company, Projectos Dinamicos (PD), in the construction and delivery of temporary services facilities for the WBHO Contract at Temane, Mozambique. Additionally, it provides an update on the company's accommodation camp construction and other notable achievements during the quarter. This report provides an overview of the key points of the December 2022 Quarterly Report.
Accomplishments The following were some of the significant accomplishments of RBR Group Limited during the quarter:
The construction of temporary facilities for the WBHO contract at Temane, Mozambique, progressed on schedule and within budget. The contract value is circa US$2.0m, and the completion and handover of the temporary facilities are scheduled for March 2023.
PD has secured a second accommodation camp contract at Temane, Mozambique. The contract value is estimated at around US$5.0m.
Infrastructure has been installed and construction has commenced for the Shankara Lodge property, which is located within 5km of the PSA Project site. This property is owned by RBR Group Limited, and it will serve as an accommodation camp, labour training, and building assembly facility (MBA).
The company has made progress with the South African-based Tennant Group regarding business alignment and growth in Africa and Australia following initial investment in RBR.
RBR Group Limited has managed insurance claims totalling US$0.9m relating to damaged and stolen assets from the company's former Wentworth Camp in Palma, Mozambique. The matter is now the subject of formal arbitration process for resolution.
The company successfully rolled over the maturity on $1.35m of existing $1.75m convertible notes to 25 April 2023. Additionally, $160k in additional notes was repaid, and the balance of $240k was proposed for settlement in the March quarter.
Futuro Group remains prepared for redeployment to the LNG onshore facility in Afungi for a potential project restart H1 2023.
Projects RBR Group Limited's focus on pursuing contract opportunities at existing projects in Temane was maintained throughout the quarter. These projects include the Globetech 450 gas power plant, the SASOL PSA Project, and the existing corporate camp expansion. Via PD, the company has secured two significant contracts to service ongoing gas and power projects at Temane. The RADX/TSK contract was issued by the consortium of Sasol (SA), Globetech and EDM (Electricidade de Mocambique) to Central Térmica de Temane (CTT) as the project principal contractor during development.
RBR Group Limited has made significant progress during the December 2022 quarter. The company's subsidiary, Projectos Dinamicos, has continued to perform well in the construction and delivery of temporary services facilities for the WBHO Contract at Temane, Mozambique, and has secured a second accommodation camp contract. Furthermore, the infrastructure has been installed for the Shankara Lodge property, which will serve as an accommodation camp, labour training, and building assembly facility. RBR Group Limited has also made progress with the South African-based Tennant Group, managed insurance claims, and rolled over the maturity on its convertible notes. The company remains focused on pursuing contract opportunities at existing projects in Temane.
RBR Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
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