The Board of Directors of Wah Seong Corporation Berhad ("WSC") is pleased to announce that its indirect wholly-owned subsidiary, WS Engineering & Fabrication Pte Ltd ("WSEF"), a company incorporated in Singapore and having its primary place of business at No. 5 Pandan Road, Singapore 609299 has been awarded a contract by Fluor Limited, a company incorporated in United Kingdom and having its office address at Fluor Centre, 140 Pinehurst Road, Farnborough, Hampshire, GU14 7BF, United Kingdom valued at USD35,949,447.10 (equivalent to RM147,806,152 based on the exchange rate of USD1.00 to RM4.1115) for modules fabrication works on a project in the United Kingdom (“Contract”).

The scope of work of the Contract involves complete fabrication and assembly of pipe rack, process, and structural modules and skid units (“Modules”) and testing, pre-commissioning, turnover and load out services for the Modules. The scope of work is estimated to be completed within 18 months.

The work and services to be performed under the Contract are within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said business.

The contract is expected to contribute positively to the earnings of WSC Group over the contract period. The contract is project specific and is not renewable.

None of the Directors, major shareholders, chief executive of WSC and/or persons connected to them have any interest, direct or indirect, in the contract.

The Board is of the opinion that the Contract secured is in the ordinary course of business and are in the best interest of the Company.

This announcement is dated 17 March 2021.