Thursday 30 May 2024
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KUALA LUMPUR (Dec 7): Wah Seong Corp Bhd has secured a contract worth US$127.09 million (RM557.65 million) for the supply of certain floating production storage and offloading (FPSO) modules by Yinson Holdings Bhd.

Its indirect wholly owned subsidiary WS Engineering & Fabrication Pte Ltd was awarded the contract by Yinson's unit, Yinson Azalea Production Pte Ltd.

The scope of work involves engineering, procurement and construction of certain FPSO topside modules, Wah Seong told Bursa Malaysia on Wednesday (Dec 7).

The work and services of the contract are expected to be completed within 24 months, the group said, and will contribute positively to the group's earnings over the contract period.

Additionally, the contract is project-specific and not renewable, Wah Seng noted.

Wah Seong's share price slipped 2.4% or 1.5 sen to close at 61 sen on Wednesday for a market capitalisation of RM472.68 million. Yinson, meanwhile, finished up two sen or 0.82% at RM2.45, valuing it at RM7.48 billion.

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