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Stork Extends Regional Footprint with Strategic Acquisition in Australia

Stork has signed an agreement to acquire Giovenco Industries (Aust) Pty Ltd (Giovenco) in Australia, a leading industrial services group with a track record of over 60 years of service to key clients.

Giovenco currently has revenues of around AUS$ 150m and provides fabric maintenance and mechanical services, predominantly to clients in the oil, gas and natural resources sectors. The services that Giovenco provides include, design and installation of access systems, surface preparation and finishing, insulation fabrication and installation and tank cleaning and repair. The company currently has approximately 875 employees.

The acquisition also includes the Giovenco Industries 50% stake in a Joint Venture for a multi-million dollar contract for painting, insulation and fireproofing on Chevron's Wheatstone LNG Plant in Onslow in Western Australia.

Giovenco is headquartered in Ingleburn (Sydney), has activities throughout Australia, primarily in New South Wales, Queensland, and Western Australia. The company operates from office and workshop hubs located in Sydney, Perth, Brisbane, Surat Basin (Chinchilla) and Gladstone as well as project field offices on client project sites, including refineries and terminals at Lytton (Qld), Kurnell (NSW), Curtis Island (Gladstone) and at the Wheatstone LNG project (WA).

Paul Giovenco, CEO of Giovenco: "The acquisition by Stork will support Giovenco's growth ambitions. Stork has a solid reputation in Australia. We will have access to Stork's full portfolio of services and innovations, allowing us to provide our customers with a broader scope of services."

Arnold Steenbakker, CEO of Stork: "Giovenco has a good track record both in providing value to their customers and in safety, a core value in both companies. We welcome Paul Giovenco and the entire management team at Giovenco into Stork. We are both confident and excited that the current presence of Giovenco on various client sites, many of which where we are co-located, will provide a great platform to support operators as they transition from the construction phase into full scale operations during the life cycle of their facilities.''

Stork has secured two new committed credit facilities to finance the acquisition and facilitate the future growth in Australia.