The announcement of the closure of Waterway Constructions follows Keller Group’s trading statement in May 2019, which stated that additional action would be taken in response to further deterioration in the market and structuring of the Waterway business announced in November 2018.
“Waterway has incurred significant financial losses over the last three years,” said Asia-Pacific Division president Peter Wyton. “With the support of the group, the management team have made a concerted effort to trade through the challenges. However, the marine market dynamics have changed significantly in recent years and, despite everyone’s best efforts, the team has not been able to achieve the positive success that we had hoped for. There is now insufficient profitable work and prospects to cover on-going costs, and the financial losses are no longer sustainable.”
Waterway expects to finish the majority of existing contracts with clients by 31 October 2019. As it moves to cease operations, it will not pursue any new work or start any new contracts.
“I would like to thank the entire Waterway team for their best efforts over the last few years in difficult trading conditions and the many years of delivering important high-quality marine infrastructure along the east coast of Australia.”