The company had already responded in a number of ways to the changing market conditions, he said in an interview on Channel 9.

“We’ve leaned down the organisation,” he said. We restructured it 14 months ago to make sure that we’re as efficient and effective, in delivering our services as possible. We’ve consolidated some of our locations to make sure that that efficiency improvement is sustainable, across the organisation and across in fact, the globe.

“We’ve also responded with a strong focus culturally on performance and performance management. And through that and through our operational capabilities, as well as our engineering in projects, we’re providing a differentiated offering out into the market.

“We specialise and have historically delivered lump sum, fixed price project work. And in the current environment, where capital is hard to find or tightly contested, capital efficiency and cost and time delivery assurance, is very important in new work being developed.

“Through that differentiation, we’re finding that the market is responding very well to our valued differentiation. And we’re in a position right now where the company is actually, I believe, building market share in quite a difficult set of circumstances.”

Sedgman reported an annual net profit after tax for FY2015 of $16.5 million compared with a loss of $7.7 million for the previous year.

It is forecasting flat revenues, but strong and sustained earnings.

“[We are [continuing to improve our production performance, continuing to focus on cost and looking to continue to return good results, for our shareholders,” Watson said.