The Board of Directors of Kencana Petroleum Berhad announces that its wholly owned subsidiary, Kencana HL Sdn. Bhd. (“KHL”) has secured contracts from Sarawak Shell Berhad (“SSB”) for the fabrication of compression modules and tie-in modifications (“Contracts”).
Under the Contracts, KHL is to undertake the fabrication of E8K Compression Module and F13K Compression Module & E-11P-B Tie-in Modifications for SSB’s operated fields off the coast of Sarawak. The total contract value is approximately RM275 million(USD $ Approximately 88 million). The Contracts are one-off construction contracts and expected to be delivered within the first quarter of year 2012.
The Contracts are expected to contribute positively to the earnings and net asset per share of Kencana Petroleum Group for the financial year ending 31 July 2011 and 2012.
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Source: Kencana, November16, 2010: