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PETRONAS allocates RM322 million contract to Muhibbah

by moneycompass
December 8, 2022
in Local Market News
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PETALING JAYA, DECEMBER 8 – PETRONAS Carigali Sdn Bhd (PCSB) has granted Muhibbah Engineering (M) Bhd a contract of RM322 million for the supply of engineering, procurement, construction, and commissioning, as well as the installation of lightweight structures for the Gansar project.

The Gansar project, located about 190 kilometers offshore in Terengganu, was awarded through a consortium led by Muhibbah.

The job scope comprised Duyong Brownfield alteration and project host tie-in.

The construction engineering business said in a filing with Bursa Malaysia yesterday that work on the contract would begin immediately and would take an estimated 22 months to complete.

The construction engineering business said in a filing with Bursa Malaysia yesterday that work on the contract would begin immediately and would take an estimated 22 months to complete.

“The deal is projected to contribute positively to the group’s profits and net assets in the current and future fiscal years.” “The deal has no effect on Muhibbah’s share capital or ownership structure,” the business stated.

The project’s work falls within the group’s normal ordinary business scope, so it does not anticipate any additional risks beyond those associated with its existing businesses, such as changes in the economic and regulatory environment, operational risks, a labour shortage, and fluctuation in material prices and foreign currencies.

 

 

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