Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has signed an Early Contractor Involvement (ECI) agreement with Maritime Constructions Pty Ltd of Port Adelaide bringing it a step closer to developing the Kangaroo Island Seaport.
The seaport, which is subject to approval from the South Australian Government after an extensive consultation and review process, would allow for export of timber and timber products from the company’s plantations.
KPT managing director Keith Lamb said the agreement took the company a step closer to realising our goal to develop the Kangaroo Island Seaport.
"We are proud to formalise our long-standing strategic partnership with Maritime Constructions.
"There are many advantages for our shareholders in this ECI arrangement.
"A feature of the Alliance Agreement model is that it allows KPT and Maritime Constructions to share the risks and rewards of constructing the KI Seaport.
"We respect the skills and experience of Maritime Constructions and we are pleased to formally establish them as our development partner for the KI Seaport project.”
Committed to SA suppliers
Principal design engineer for the project is WGA Adelaide and the supervising owner’s engineer is Kellogg Brown & Root Pty Ltd, Adelaide.
KPT is committed to using highly-performing South Australian suppliers such as these wherever practicable.