Fleetwood Limited (ASX: FWD) has upgraded its outlook for Searipple Village in Karratha after securing an expanded accommodation contract with the Saipem Clough Joint Venture (SCJV). The new agreement will increase forecasted contracted room nights for FY25 to 80%, up from the previously projected 72%, adding approximately $6 million in revenue.
Under the arrangement, SCJV has exercised its option to extend its accommodation requirements until May 2025 on a take-or-pay basis, ensuring guaranteed revenue for Fleetwood. Additional third-party agreements have further contributed to the improved occupancy forecast.
Fleetwood expects the revised contract to boost earnings for FY25, with further details to be disclosed in its Half-Year Results announcement on 28 February 2025.
Searipple Village provides workforce accommodation in Karratha, a key hub for resources projects in Western Australia. Fleetwood operates the facility as part of its broader accommodation solutions business, supporting the mining, energy, and infrastructure sectors.
