NBN contractor Service Stream extends trading halt

NBN contractor Service Stream extends trading halt

Summary: NBN Co contractor Service Stream will remain in a trading halt for close to two weeks while it reviews its joint venture company Syntheo, which has struggled to meet NBN Co construction deadlines.

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TOPICS: NBN
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Service Stream will stay in a trading halt until at least Monday, June 24, while it looks to address issues with Syntheo, the troubled joint venture company it has with Lend Lease, which has struggled to meet construction targets for the National Broadband Network (NBN).

Service Stream initially went into a trading halt on Tuesday, and was expected to lift the halt on Thursday, but the company requested to the Australian Securities Exchange (ASX) that the voluntary suspension remain in place until June 24, while the company assesses the outputs from review of Syntheo.

The initial suspension was put in place to "clarify a number of issues with [Service Stream's] fixed communications segment", indicating that the outcome could affect Service Stream's 2012-13 profit guidance.

Syntheo has already been forced to hand back the construction contract for the NBN in the Northern Territory, after it was revealed in February that NBN Co would miss its target for premises passed by the end of June because of delays with Syntheo's construction work in the Northern Territory, Western Australia, and South Australia.

It has been reported that Service Stream and Lend Lease are looking to end the joint venture, with Service Stream keen for Lend Lease to pick up the remaining construction work.

The companies are believed to be in renegotiation with NBN Co for additional construction work amid the talks to pull out of the joint venture.

Topic: NBN

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Armed with a degree in Computer Science and a Masters in Journalism, Josh keeps a close eye on the telecommunications industry, the National Broadband Network, and all the goings on in government IT.

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30 comments
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  • LOL, private sector;-)
    Hubert Cumberdale
  • Now now HC

    You know the catch-cry...

    Private enterprise will, Knight-like, ride up on their trusty steed to save the day...

    I know because I are a educatum Liberal-tarian;-)
    RS-ef540
    • Don't talk about steeds RS. You might give the coalition clowns ideas on how to provide even "cheaper" broadband for Australia;-)
      Hubert Cumberdale
      • Back for more...sultanas...

        I note you have been away HC?

        Seems in your absence the resident VI decided to become brave enough to stop cowering beneath the bed and make a few (typically dim) comments again...LOL
        RS-ef540
        • "I note you have been away HC?"

          I was in Argentina because I want everyone to know I was in Argentina because I think it's important that everyone knows I was in Argentina;-)
          Hubert Cumberdale
          • You...

            High flying Liberal-tarian you;-)
            RS-ef540
  • Really...

    I haven't seen you, Richard or Sultana ever make jokes about the Coalition ;)

    Anyway... funny how everything is NBNCo's fault though isn't it?

    The prolonged Telstra negotiations.
    Contractors who thought they'd make five years profits in a year, under performing
    Asbestos pits, constructed decades ago.
    And now, oh look... Contractors who thought they'd make five years profits in a year, under performing, again

    All NBNCo's fault eh...?

    However I do agree, these issues are of concern to Australia's comms, be that comms the current NBN or the alternative, distant second, consolation prize, alternative...
    RS-ef540
    • NBNCo signed contracts with these parties

      Who's fault is it?
      Richard Flude
      • Well Well

        Now pushing for bigger government to micro manage and oversee contractors and the private sector trough swillers and incompetants in the private sector.

        Wish the Libertarians and rabid right would make up their minds or get a grip on reality
        Abel Adamski
        • Indeed Abel

          We all recall pre-GFC (especially in the US) where multi-national companies told the government to keep their stinking noses out of their businesses... this is a democracy...

          GFC hits, same grubs go crawling cap-in-hand, begging for bailout cash...

          *rolls eyes*
          RS-ef540
    • "Anyway... funny how everything is NBNCo's fault though isn't it?"

      It must be RS. The coalition clowns told us so it must be true. I'm sure they'll fix it if they get in with their magical copper pixie dust so I'm not too concerned;-)
      Hubert Cumberdale
  • Thank you

    Richard...

    You have today been proven beyond doubt to speak with forked tongue/dishonestly and even have the audacity to deny the written facts proving this... *rolls eyes*

    So please..

    BTW - if you were to employ a previously tried and true tradie at your place and he stuffed up or went bust... it would be your fault?

    Don't bother answering, again, your words are tainted anyway, as proven... :(

    Time for you to retire gracefully, instead of disgracefully...
    RS-ef540
    • Where's the tried and true here?

      If I ran projects with the bad record of NBNCo I'd be sacked; they however continue to pay bonuses.

      It's not NBNCo fault they went bust, it is for the delays and costs associated with using such parties.

      Your lack of any experience in the area of contracting (actually any commerce at all) again shows. Confidence through ignorance personified.
      Richard Flude
      • Wasting time

        Richard

        These clowns have never been exposed to commercial reality. They have no basis of experience on which to draw.

        They are in the public system and as such have never seen anyone take a risk or make a judgment call.

        They are the most dangerous category of human possible. They are unconsciously incompetent. They don't know what they don't know so they assume they know it all.

        Until they can view life through the scar tissue of experience they will continue to spew out dribble.
        Sultanabran
  • Or...

    If you sat around writing proven (with links please) lies @ forums all day during work time, you might be sacked too, but alas;-)

    You certainly don't lack any experience in contradicting;-)

    Lies and blind stupidity through lies and blind stupidity, personified;-)
    RS-ef540
    • "You certainly don't lack any experience in contradicting;-) "

      Nailed it;-)
      Hubert Cumberdale
    • Your BS yesterday exposed as such

      Pick any of your other claims and I'll be as unkind.

      You appear to believe you were right; monumental stupidity. Yet you still post your ignorance (with an equally immature fan club).
      Richard Flude
  • Pick any other claim...LOL

    As we can all see...

    Do you now admit that one (which you even chose) was a contradiction?

    Admit to what you said (well it was there, LINK PLEASE)?

    Admit by saying you didn't say it, it was an out and out lie?

    And... now after losing (dis)gracefully want another go (best two out of three perhaps)...ROFL

    But it appears you still, are trying to weasel...

    So let's go over it again...Richard "contradictorily says" in relation to TELSTRA'S asbestos pit problem (in simple terms so even Richard can comprehend)…

    “Richard will not be joining you pointing the finger at the actual pit owners Telstra, even though Richard let it slip that yes... Telstra NOT NBNCo is actually responsible (d'oh)". Because Richard is on a disgraceful, political/greed driven... deride the NBN or die mission ...

    There, done. Now if you are "still" unable to comprehend or not man enough to own up to your own words, I’d suggest you stick to knitting…
    RS-ef540
    • It wasn't a contradiction.

      I even said so.

      The only case you point to of being right was some post at delimiter. Nothing to do with me.

      Again you were wrong with the claim discussed (the only one with link provided, and I had to provide it), wrong about my motives, my position and education.

      NBNCo is a farce. I called it from the start; every link of issues howled down at the time now a reality. You're position is you're pro-NBN; nothing more. A position but on monumental lack of any experience in this area, any commercial experience, nor financial background.
      Richard Flude
      • Seriously...

        Are you still sobbing? Really? I don't know whether to ROFL or feel pity :)

        A real man would have gotten over it by now. A real man would also have just said straight up, ok, looking at the links I asked for, you do have a point...

        However, I actually meant to say... x, y, z...

        Oh ok, fair enough.

        The end...

        But no...

        Don't believe me...

        Check back over the page (and ZD previously) where for example, RA and I had a discourteous disagreement... as to how actual adults who are here for meaningful exchanges of ideas and information (not just to push their blind ideology and financial agendas) look past their misunderstandings, when thing get heated...

        But then, we don't have absolute bigotry and narcissism/ego, standing in our way :(
        RS-ef540