I have received an email from Peter Collins (Director Corporate affairs) who has indicated the claw back from the problem contracts is on track to be finalised in a the next few months. The Maxita sale has occurred and a profit has been made. He did not say how much but my calculations show probably a cash return in the order of $40m+ is likely based on book value of $77m(50% ownership). This will free up a lot of capital to pursue current work in hand of $1.4b the highest it has ever been by about $500m. He said they did not win the re-tenderred Minerva project but is not unhappy as they have more than enough work on with short,medium and long term prospects looking good. Hope this helps dct
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