SILK Holdings Bhd announced on Friday that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd, had accepted an award of contract extension by PETRONAS Carigali Sdn Bhd for the provision of one (1) Anchor Handling Tug Supply Vessel.
The primary three-year contract has been extended for a further period of 12 months commencing 4 October 2011. It is envisaged that there shall be no risk other than the normal operational risks and to mitigate this Management will continue to comply with all relevant and applicable health and safety regulations.
The contract extension which is valued at approximately RM23.5 Million is expected to contribute positively to its earnings and assets for the financial year ending 31 July 2012. The contract extension is not expected to have any effect on the share capital and shareholding structure of SILK.
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Source: SILK, October 24, 2011