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OTHERS LETTER OF AWARD

KKB ENGINEERING BERHAD

Type Announcement
Subject OTHERS
Description
LETTER OF AWARD

INTRODUCTION

The Board of Directors (“the Board”) of KKB Engineering Berhad (“KKB”) is pleased to announce that its subsidiary company, OceanMight Sdn. Bhd. has received a Letter of Award from MALAYSIA MARINE AND HEAVY ENGINEERING SDN. BHD. and TECHNIP GEOPRODUCTION (M) SDN. BHD. for Provision of Engineering, Procurement and Construction (EPC) of Flare Platform for Kasawari Gas Development Project (“EPC Subcontract”).

 

A formal agreement for the said EPC Subcontract will be executed in due course.

 

DURATION OF CONTRACT

The completion date for the subcontract is scheduled to be completed within the first half of 2022.

 

FINANCIAL EFFECTS

The contract will have no effect on Share Capital of KKB and is expected to contribute positively towards the earnings and net assets of the Group for the duration of contract.

 

RISK FACTORS

Risk factors affecting the contract include execution risks such as COVID-19’s Movement Control Order, supply chain disruptions and availability of materials, skilled manpower, equipment or specialized machineries, Forex and change in pricing, weather conditions and/or political, economic and regulatory conditions.

 

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders and/or person connected with them has any interest, direct or indirect in the abovementioned contract.

 

DIRECTORS’ STATEMENT

The Board is of the opinion that the abovementioned contract is in the best interest of KKB and its Group.

 

 

This Announcement is dated 25 August 2020.






Announcement Info

Company Name KKB ENGINEERING BERHAD
Stock Name KKB
Date Announced 25 Aug 2020
Category General Announcement for PLC
Reference Number GA1-25082020-00019