Channel Infrastructure (NZE:CHI) signed a 15-year contract with Fletcher Building subsidiary (NZE:FBU, ASX:FBU), Higgins Contractors, to develop a bitumen import terminal at Marsden Point, according to a Monday filing with the New Zealand bourse.

The contract is expected to generate total revenue of NZ$45 million starting in the second half of 2026, the filing said. It is projected to require growth capital expenditure of between NZ$17 million and NZ$21 million across fiscal years 2025 and 2026 to deliver the required infrastructure and incremental operating expenditure of NZ$200,000 per year.

Terms include two five-year rights of renewal exercisable by Higgins.

Channel Infrastructure is undertaking a NZ$50 million entitlement offer to fund the development.

Fletcher Building's shares were up 1% in recent Monday trade in Australia and New Zealand.