Construction firm Laing O’Rourke has welcomed a Queensland Building and Construction Commission decision to lift the suspension on its builder licence.
The QBCC had suspended Laing O’Rourke’s builder licence last week over financial concerns.
Laing O’Rourke’s Queensland projects include acting as managing contractor for the Australia-Singapore Military Training Initiative Facilities project works at the Shoalwater Bay Training Area in Central Queensland.
A QBCC spokesman said it had lifted the suspension following an increase of $32 million in equity held by Laing O’Rourke.
“The company has demonstrated to the QBCC’s full satisfaction that its net tangible assets meet Queensland’s requirements,” the spokesman said.
“In addition to restoring the licence, the QBCC has imposed a condition that the company provide internal management accounts on a monthly basis until the company’s next annual audited accounts are available.”
Laing O’Rourke managing director Cathal O’Rourke said the company had welcomed the opportunity to work with the QBCC to demonstrate its compliance.
“Laing O’Rourke has undertaken internal restructuring to better demonstrate our asset base to the QBCC,” Mr O’Rourke said.
“We have also demonstrated our improving business profitability, achieved through increased productivity and project performance.
“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.
“We have a long and proud history of delivering major projects across Queensland, stretching back over 60 years.
“We invest millions of dollars into the state’s economy every year and employ hundreds of people locally, and remain committed to our Queensland operations.”