Building giant gets licence back from construction watchdog
THE Queensland building watchdog has lifted its licence suspension against British construction giant Laing O'Rourke after an "internal restructuring" by the company.
Laing O'Rourke said it welcomed the decision by the Queensland Building and Construction Commission (QBCC) to lift the earlier suspension of its Queensland building licence.
The Queensland Building and Construction Commission suspended the licence of Laing O'Rourke's Australian arm on Friday, concerned about its financial viability.
Both Laing's UK and Australian operations are losing money amid deteriorating conditions in the global construction industry.
According to industry sources, a contractual dispute over a huge LNG project in Darwin is believed to have played a major part in the suspension.
"We have welcomed the opportunity to work with the QBCC to demonstrate our compliance with all necessary requirements," said Laing O'Rourke Australia Managing Director Cathal O'Rourke.
Laing O'Rourke said it had undertaken internal restructuring to better demonstrate its asset base to the QBCC.
"We have also demonstrated our improving business profitability, achieved through increased productivity and project performance," said Mr O'Rourke.
"Our business maintains a strong financial position and of course we have independently audited accounts. We have no outstanding creditors, a strong cash position and we continue to operate profitably."
Laing O'Rourke said it invested millions of dollars into the state's economy every year and employ hundreds of people locally, and remain committed to our Queensland operations.