KUALA LUMPUR (Aug 21): LEAP Market-listed Steel Hawk Bhd (KL:SKHAWK), which is en-route for its debut on the ACE Market, has secured a scaffolding services contract from Kertih Port Sdn Bhd, a wholly-owned subsidiary of Petronas Chemicals Group Berhad (KL:PCHEM).
In a bourse filing on Tuesday, the oil and gas (O&G) support services firm said that the contract was awarded to its wholly-owned unit, Steel Hawk Engineering Sdn Bhd (SHESB), on August 14.
The contract operates on a call-out basis with no fixed value and will see Steel Hawk providing specified services as needed throughout the contract period.
"The contract is expected to positively contribute to our earnings for FY2024," the company stated.
Kertih is home to the Petronas Petroleum Industrial Complex, which links the oil and gas value chain in the east coast state of Terengganu.
Steel Hawk, which is expanding its operating capacity in the state, primarily serves the O&G industry both onshore and offshore, offering engineering, procurement, construction and commissioning for chemical injection skids and facility improvements, as well as maintenance of topside facilities. The company also sells, installs and maintains oilfield equipment.
Last Friday, Steel Hawk launched its initial public offering (IPO) to raise up to RM20.21 million as part of its transfer to the ACE Market. Priced at 15 sen per share, over 51% of the proceeds will be allocated to constructing the proposed Teluk Kalung Facility 2 in Terengganu. The company has already exhausted the RM3.2 million raised from its LEAP Market listing in October 2021.
Steel Hawk's shares last traded at 11 sen, giving it a market value of RM44 million.