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The deal requires the Perth-based civil works provider to pay $15 million to its Calliope partner Maroon Group Holdings and release Maroon from financial advances made under a previously established investment arrangement.
“The Calliope accommodation village is a key asset in Decmil's strategy to develop long term revenue streams and we are extremely pleased to move to 100% ownership,” Decmil managing director Scott Criddle said.
“Decmil is on track to complete the 2265-room village by the middle of 2013 and we continue to see strong demand for accommodation solutions in Gladstone.”
The company said the increased investment in the village would allow it to capture the full benefits of a first-mover advantage in the Gladstone region where and extended relationship with the Wiggins Island coal export terminal is expected to develop.
