Verbrec Limited provided an update on previously announced `poor performing legacy projects'. Project 1. Verbrec announced that this project, being the design of a Liquified Natural Gas (LNG) import terminal, is no longer considered a poor performing project. Project work continues under recently approved variations with all current and future work being undertaken at historical gross margins earned across the Verbrec group of companies. Project 2. The delay claims on the SCADA Upgrade project have been settled for $2.09 million via execution of a binding deed of settlement that becomes effective once the acceleration plan has been agreed (see below). The $2.09 million will be paid in three tranches with an upfront payment of $0.7 million and two future dated payments totaling $1.4 million, subject to Verbrec achieving certain project delivery milestones. In addition, the performance bonds held on this project will reduce by $0.5 million providing, additional headroom under existing banking facilities in order to provide similar performance bonds on other projects that are currently in negotiation or at tender stage. As part of the settlement, Verbrec has agreed to accelerate completion of this project on the proviso the cost of additional resources, up to $1.2 million, are recovered from the client. Acceleration will result in this project being completed much earlier than otherwise planned, providing opportunities for Team members to move across to higher margin generating projects earlier than previously expected. Project 3. With the third poor performing legacy project in close-out phase Team is shifting focus to much higher margin generating projects from record work-in-hand.