KUALA LUMPUR (March 7): Swift Energy Technology Bhd (KL:SET) has secured two purchase orders worth a combined RM24.37 million.
In a filing with Bursa Malaysia on Friday, the company said the contracts were awarded by Offshore Oil Engineering Co Ltd (COOEC) and Siemens Energy Sdn Bhd for energy infrastructure projects in Nigeria and Malaysia respectively.
Swift Energy supplies automation and power systems to the renewable energy and oil and gas industries.
Under the first contract, it will supply an explosion-proof (Ex) Solar Power/Wind Turbine/Diesel Generator Hybrid Power System for Shell HI OTB Wellhead Platform in Nigeria, with delivery scheduled by September 2025.
The second contract involves the supply of Siemens Sivacon S8 Low Voltage (LV) Switchboard, Motor Control Center (MCC) and Integrated Motor Control System (IMCS) for the Petronas META project in Labuan, with completion expected by July 2025.
Swift Energy said the contracts are expected to contribute positively to its earnings and net assets for the financial year ending Sept 30, 2025.
Shares of the group, which debuted on the ACE Market in January, closed unchanged at 27 sen on Friday, with a market capitalisation of RM270.22 million.
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