OM Engineering (OME) is a Queensland-based engineering company that specialises in the design and supply of custom-designed formwork systems.
These systems range from building, bridge and industrial tank jump forms right through to major temporary works projects.
OME services the building and civil infrastructure sectors within the construction industry, placing a strong emphasis on building long-term relationships with its clients and suppliers.
Since OME was established in 2006, it has completed 17 major projects, 3 of which have been overseas contracts in Vietnam, Dubai and India.
A high profile contract OME’s close relationship with a prestigious Canadian Bridge Design Company helped OME win an important contract on the new Hudson River Crossing project in New York.
Replacing the existing Tappan Zee Bridge, a new twin-span bridge is being designed and built by a consortium of design, engineering and construction firms. The first span of the bridge is due to open in 2016, with full completion by 2018.
OME’s $3.5 million contract involves the design and supply of jump form systems for the construction of the bridge’s 8 main span concrete pylons. The company’s custom designed systems will help increase the efficiency of the overall construction process, while minimising labour and crane costs.
To secure their involvement in what is currently the biggest bridge contract in North America, OME’s client, Tappan Zee Constructors, required a US$500,000 performance bond.
While OME’s bank was supportive of this exciting opportunity, it was not prepared to issue a performance bond without full collateral in the form of cash or assets.
OME did not have sufficient working capital to finance this bond and satisfy the financial requirements to secure this contract. Tappan Zee Constructors wanted OME on the project and one of their joint venture partners suggested that OME approach Efic.
How we helped
We stepped in and provided a performance bond for US$500,000 to OME’s customer, Tappan Zee Constructors LLC, which allowed OME to finally secure this project.
This project is a major milestone for OME, because it will give the company major exposure in the US, a target for future growth and expansion. In addition, having a relationship with an Australian Government organisation like Efic gives OME credibility and financial strength with prospective customers in the US.