This paper provides an exploratory understanding of the process of knowledge-work in the inter-organisational setting of a large-scale infrastructure project. Taking a process perspective, it explores why an autonomous project-owner organisation in the rail industry sector finds difficulties to transform and exploit the project network-related knowledge in a coopetitive context. The paper builds on a case study of a High-speed Rail Line (HSL) project in Spain. Based on the longitudinal qualitative secondary analysis, the authors put forth a contingency framework that proposes four contexts linking the transformation and exploitation of the knowledge from the inter-organisational network to the project-owner organisation; whether (i) the interplay between industrial setting and the project arrangement empowers product or process knowledge and (ii) the senior, and programme management awareness to feed-forward learning relies on individual- or institutionalised-based learning. These four contexts and their underlying conditions pose different knowledge-work related problems and suggest implications for practice in inter-organisational collaboration and beyond.