Probuild Update

GENERAL

Thu, Feb 24 2022 03:55 pm

PROBUILD UPDATE

In November 2018, Downer EDI Limited (Downer) entered into contracts with Probuild Constructions (Australia) Pty Ltd (Probuild) for the provision of mechanical and electrical services for the new Victoria Police building in Melbourne.

On 23 February 2022 Probuild appointed an Administrator.

Downer achieved Practical Completion of its services on 9 July 2020 with the defect liability period ending on 9 July 2022. There are outstanding claims which are unpaid by Probuild, of which approximately $30 million has been recognised by Downer and recovery is now subject to risk due to the administration.

On 21 July 2020, Downer announced the exit of non-core businesses, including the higher risk construction markets in the Infrastructure and Construction business, and no longer provides mechanical and electrical construction services to the commercial sector.

As the Probuild administration process progresses, Downer will assess whether there is any potential financial impact on Downer and will keep the market updated.

Authorised for release by Downer’s Chief Executive Officer, Grant Fenn.

For further information please contact:
Media: Sophia Healy, Head of Communication and Brand +61 438 350 322
Investors: Adam Halmarick, Group Head of Investor Relations and Strategic Planning +61 413 437 487