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- The 50:50 joint venture with Samsung C&T Corporation will be working on the Marinus Link undersea cable project, covering civil, structural, and electrical infrastructure, Gamuda said in an exchange filing. The contract is expected to be completed within five years.
KUALA LUMPUR (Dec 17): Gamuda Bhd (KL:GAMUDA) said on Wednesday its joint venture has secured a construction contract worth close to RM2.7 billion in Australia.
The 50:50 joint venture with Samsung C&T Corporation will be working on the Marinus Link undersea cable project, covering civil, structural, and electrical infrastructure, Gamuda said in an exchange filing. The contract is expected to be completed within five years.
“Once delivered, Marinus Link will strengthen Australia’s renewable energy infrastructure by enabling greater connection between Tasmania and Victoria,” Gamuda said.
The contract is the final major piece of the first stage of Marinus Link that will connect northwest Tasmania to Victoria’s Latrobe Valley with undersea and underground cables and stations.
Marinus Link is jointly owned by the Commonwealth of Australia, the Victorian government and the Tasmanian government.
Gamuda’s portion of the revenue is A$497 million (RM1.34 billion) and the company expects to begin on-site works in early 2026, the company added.
Apart from high-voltage direct current, Marinus Link will also carry fibre-optic cables as well as other communications infrastructure and converter stations along 255km of subsea cables across Bass Strait and 90km of underground cables in Victoria.
The project has a planned capacity of 1,500 megawatts—about three times that of the existing Basslink interconnector.
Gamuda shares were up six sen, or 1.3%, at RM8.49, valuing the group at RM28.5 billion ahead of the announcement on Wednesday.
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