Chevron - Gorgon Expansion, page-4

The Gorgon expansion will be positive for the industry and BOL (probably more indirectly).
What is abundantly clear is that maintenance capex has stepped up materially for the industry and BOL stands to benefit disproportionately given the very high incremental returns increased asset utilisation generates. This operating leverage nearly always surprises the market in the early stages of a cycle turning.
What is becoming more likely (and supported by the Gorgon announcement) is that Resources growth capex is also likely to accelerate. This would have even more profound implications for BOL’s growth and returns profile, particularly given this is occuring post 7 years of excess capacity departing industry. This would likely lead to pricing uplifts which would super charge profitability. With Resources revenue reflecting 55% of Group revenue this is a hugely constructive operating environment for BOL over the next few years at least.
This is occurring at the same time as wind farm construction is locked in to accelerate and infrastructure spending is and has to continue at a very rapid pace.
It is rare you come across a company trading at a sharp discount to (lagged) NTA when it is growing rapidly, increasing returns materially, experiencing highly constructive industry conditions for every key Revenue exposure and de-gearing quickly.

Worth noting BOL has no exposure to tower cranes which are used in residential construction (thankfully!!)