Investment date: October 2017
Contract Resources was founded in 1989 and has grown to become a market leading provider of critical maintenance services to the oil and gas sector in Australia, New Zealand and the Middle East. Contract Resources specialised service offering includes: catalyst handling, environmental and industrial services and mercury waste treatment. The business delivers its services to the refinery, LNG, petrochemical, renewable energy and resources sectors.
Contract Resources is currently completing Australia’s only mercury waste treatment plant capable of the safe treatment of mercury waste generated from oil and gas production.
Prior to the acquisition by Anchorage, Contract Resources was a wholly owned subsidiary of Hellaby Holdings. The business was non-core and underperforming and was made available for sale following Bapcor Limited’s takeover of Hellaby Holdings.
Contract Resources has a leading market position, an established global footprint and a strong reputation for service quality, safety standards and delivery performance of these critical services. With increased industry demand particularly in Australia from LNG production, Anchorage expects to realise sustainable earnings improvement through its turnaround program through a range of margin improvement and cashflow initiatives identified during due diligence.
Callen O’Brien is Chairman of Contract Resources and is joined on the Board by Phil Cave. Callen O’Brien is Chair of the Turnaround Committee joined by Phil Cave and Beau Dixon assisting management with the turnaround plan.