UPDATE 2.20pm: Battered Forge Group has finally delivered shareholders some positive news, announcing it had secured $40 million worth of asset management works at its North American operations.
Forge said the works were for ongoing asset management programs in the North American coal sector, including a mix of operations, maintenance and small capital works.
"Some of the works also include utility programs on a Limited Notice to Proceed status, with Forge Group having commenced these programs with new and existing clients, and progress is well advanced," the company said in a statement.
The announcement follows the award of $50 million in new asset management contracts announced in October.
Forge managing director and chief executive David Simpson said the company's strategy of generating more recurring revenue streams from asset management and maintenance works was gathering pace.
"The majority of new Asset Management and maintenance works are from our operations in the United States, a market that is showing encouraging signs of growth," he said.
"North America is the world's largest industrial maintenance market, and through the Taggart Global business that Forge Group acquired earlier in the year, we now have strong local presence in place to capture more recurring revenue streams in this market.
"We are also focused on building our asset management business in Australia and Africa."
Mr Simpson said the company's management team was focused on achieving more balance between engineering, procurement and construction and asset management work while managing Forge's overall cost base.
Last month, Forge shares plunged 80 per cent after it revealed big writedowns on two power station projects and was forced to tap financier ANZ Bank for emergency funds to plug an acute cashflow crisis.
Forge shares closed up 9.5 cents, or 17.76 per cent, at 63 cents.