Wednesday 21 Feb 2024
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KUALA LUMPUR (Dec 8): Shares in Muhibbah Engineering (M) Bhd rose 5.49% after a consortium led by the oil and gas services provider secured a RM322 million contract from Petronas Carigali Sdn Bhd, the exploration arm of Petroliam Nasional Bhd (Petronas), in relation to the Gansar project located 190km from Terengganu’s shores.

At 9.21am, Muhibbah gained 2.5 sen to 48 sen with 1.68 million shares traded.

The job involves the provision of engineering, procurement, construction, commissioning and installation — also known as EPCC+I — of a light weight structure for Duyong brownfield modification and host tie-in.

The 22-month contract is expected to positively contribute to Muhibbah's earnings and net assets for the current and future financial years.

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