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TH Heavy Engineering wins RM196mil contract from Murphy Sarawak

Thursday, Apr 04, 2013

TH Heavy Engineering Bhd (THHE) has won a contract from Murphy Sarawak Oil Co Ltd worth approximately RM196mil to build the topsides for platforms offshore Bintulu.

In a filing to Bursa Malaysia on Tuesday, the company said it received a letter of award for the engineering, procurement, construction and commissioning (EPCC) for Permas Production (PR-PA) topsides at Murphy Sarawak Oil's SK311 Permas development contract.

The EPCC contract will be undertaken by THHE's subsidiary, THHE Fabricators Sdn Bhd. The platform is approximately 95km offshore Bintulu, Sarawak.

The contract is a one-off contract and is scheduled to be complete within approximately 16 months, it said.

“The contract is expect to contribute positively to the earnings and net assets per share of THHE for the financial year ending Dec 31, 2013 and 2014 respectively,” THHE said.

The company said the risks pertaining to the contract include the availability of skilled manpower and materials, changes in prices of materials, and changes in political, economic and regulatory conditions.

Source: THHE

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