Favelle Favco wins four contracts worth RM39.2 mil

TheEdge Mon, May 06, 2024 07:06pm - 1 month View Original

KUALA LUMPUR (May 6): Construction crane manufacturer Favelle Favco Bhd (FFB) has secured four contracts for the supply of offshore and tower cranes totaling RM39.2 million.

Two contracts for offshore cranes were awarded by Hilong Petroleum Offshore Engineering Ltd and CUEL Ltd. The Hilong job is to be delivered in the third quarter of this year, while CUEL's is to be completed by the first quarter of 2025.

The other two contracts, which are for the supply of tower cranes, were awarded by Favco Heavy Industry (Changshu) Co Ltd and GA Caelli Holdings Trust. The first is expected to be delivered in the third of this year, and the second is to be completed in the second quarter.

Earlier in January this year, FFB announced securing five contracts worth a combined RM79.4 million for crane supply and machinery replacements, from clients Servizi Energia Italia SpA, Resolution Rigging Services Pty Ltd, E&P O&M Services Sdn Bhd, Petron Malaysia Refining & Marketing Bhd, and Petronas Carigali Sdn Bhd.

Shares in Favelle Favco settled four sen or 1.89% higher at RM2.16, valuing the group at RM508.41 million.

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