Whittens is a Perth-based concrete construction company specialising in concrete construction in remote area civil, mining and oil and gas projects for major Australian construction and resources companies.
Employing over 500 people, Whittens has experience in all areas of concrete construction, from heavy industrial foundations through to mining infrastructure and LNG tanks.
A need for flexible financing
The cyclical nature of the mining services industry and the large contract sums involved requires financing facilities that are flexible enough to expand and contract based on each contract’s payment terms.
Like many subcontractors, managing working capital has become a very important part of Whittens’ business, with costs of raw materials and wages often needing to be covered before the first contract payment is received.
As a private business, having access to a guarantee facility that’s not 100% cash collateralised greatly assists the company in optimising its working capital use and management across its portfolio of projects.
A high-profile project
We had previously provided Whittens with two performance bonds and two advance payment bonds to support its civil concrete construction at the Technical Aluminium Nitrate Burrup plant in Western Australia.
In the lead up to the awarding of a major works subcontract on the Roy Hill Iron Ore Project in Western Australia’s Pilbara region, Whittens approached us with a view to complementing its traditional sources of guarantee funding.