MHB

0.475

+0.005 (+1.1%)

OTHERS MMHE Awarded EPCIC Contract for SK408W Jerun Development Project, Offshore Sarawak

MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
MMHE Awarded EPCIC Contract for SK408W Jerun Development Project, Offshore Sarawak

Reference is made to the Malaysia Marine and Heavy Engineering Holdings Berhad’s (“MHB” or “the Company”) announcement dated 13 April 2021 in relation to the Press Release entitled MMHE Awarded EPCIC Contract for SK408W Jerun Development Project, Offshore Sarawak.

 

1.  Introduction

 

The Board of Directors of MHB wishes to further announce that it has received approval to announce that its wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (“MMHE”) had secured a contract from SapuraOMV Upstream (Sarawak) Inc. via a Letter of Award dated 19 March 2021 for the provision of engineering, procurement, construction, transportation & installation and hook-up & commissioning services (EPCIC) for the SK408W Jerun Development Project, offshore Sarawak (“Contract”).

 

2.  Salient Terms

 

The salient terms of the Contract are as follows:

a) To undertake the construction of an approximately 15,000-metric tonne (MT) topside, 10,000 MT jacket and 5,000 MT piles of a Central Processing Platform (CPP).

b) The duration of the Contract is approximately 40 months.

c) The value of the Contract is approximately RM1 billion.

 

3.  Financial Effect

 

The Contract will not have any effect on the share capital and shareholding structure
of MHB. The Contract, however, is expected to contribute positively to the earnings and net assets per share of MHB for the financial years ending 31 December 2021 onwards until the expiry of the Contract.

 

4.  Risks

 

Risk factors affecting the Contract include execution risks, weather conditions and/or political, economic, operational and commercial impacts of COVID-19. Notwithstanding the risk factors, MMHE has established a successful track record in undertaking similar projects. 

 

5.  Director’s and Major Shareholders’ Interest

 

None of the directors or major shareholders of MHB or persons connected to them has any interest, direct or indirect, in the Contract.

 

 

This announcement is dated 21 April 2021.






Announcement Info

Company Name MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD
Stock Name MHB
Date Announced 21 Apr 2021
Category General Announcement for PLC
Reference Number GA1-21042021-00094