PCH managing director, Mr James Cullen, said PCH's activity in the oil and gas sector was just starting to "ramp up" with the recent start of a major scaffolding supply contract for energy services contractor, McDermott International. He added the company was confident of winning work in the Caspian Sea, where BP recently sanctioned a $7 billion full field development' project.

In other company news, PCH has appointed Patterson Ord Minnett as lead manager for a $2.2 million capital raising to pay down its remaining bank debt and fund future capital expenditures. PCH said it plans to raise about $850,000 through a placement to institutional and professional investors and $4.3 million through a one for six rights issue at a 7c per share.