At the last annual general meeting, the company said HWE Civil - while profitable on all contracts - was behind budget and seeking additional work to lift its project list. The company posted a $23.6 million net loss for the full 2002-2003 but edged $5.5 million ahead in the second half of the year.

However, analysts put their faith behind HWE's ability to bounce back, with signs that at least another $400 million worth of contracts were on the horizon.

HWE was expected to release its latest quarterly results later this month.

"Directors are confident that the comprehensive restructuring phase, which has resulted in the reported losses of both 2002 and 2003, is now complete," chief executive officer Bruce James told the AGM in November.

With HWE Civil's order book now boasting a new $50 million design and construction contract in the Northern Territory, management will be hoping the additional work is a positive sign to getting back in the black.

"Of all our business units, the civil business has experienced the most restructuring to realign it with performance expectations," James said. "As a result of that restructure and refocus, the business has been achieving target returns on current contracts and concentrating on securing new work to lift earnings to satisfactory levels."

Under the new deal, HWE will build a joint user terminal for the transfer of fuel at the East Arm Port in Darwin for Vopak, an independent tank terminal capacity provider. Vopak has signed a contract with Shell, BP and Mobil for the terminal operation.

Construction of the facility has begun and is expected to be finished by July 2005. Works include a bulk liquid storage and delivery terminal comprising a tanker berth with three discharge pipelines and associated fire-fighting facilities. A tank farm will also be built about 2.5km from the tanker berth.

The HWE contract includes the design and construction of a 113-million-litre fuel farm consisting of fuel tanks, pipe work, roads and pavements, associated buildings and landscaping works.

HWE said it was also involved in final negotiations with other civil projects totalling about $70 million.

"This contract, along with some others yet to be finalised, represents the beginning of a new period for HWE Civil," James said. ConstructionEquipmentNews.net