KUALA LUMPUR (May 29): Swift Energy Technology Bhd (KL:SET) has secured five contracts worth a combined RM17.22 million, including one linked to PETRONAS Carigali Sdn Bhd's wellhead platforms under the Sepat Integrated Redevelopment Project offshore Terengganu.

The contract for the supply of UPS distribution boards and switchboards/motor control centres for three Sepat wellhead platforms was awarded by Muhibbah Engineering (M) Sdn Bhd, the flagship subsidiary of publicly listed group Muhibbah Engineering (M) Bhd (KL:MUHIBAH),  according to a bourse filing on Friday.

Swift Energy Technology said the contract was awarded to its subsidiary Swift Energy Oil & Gas Sdn Bhd, with delivery expected in the next three years.

It added that another subsidiary, Swift Energy Sdn Bhd, has secured three separate purchase orders from Cummins Sales and Service Sdn Bhd, Azimuth Energy Sdn Bhd and Expet Controls Sdn Bhd for the supply of neutral earthing resistors for projects in Malaysia, including a data centre project, with deliveries expected by the fourth quarter of 2026.

A third subsidiary, Swift Solutions MSC Sdn Bhd, has meanwhile received a purchase order from JJ-Lurgi Engineering Sdn Bhd to supply a low-voltage switchboard, variable speed drive and soft starter panel, with delivery expected by the fourth quarter.

Swift Energy Technology said the contracts are expected to contribute positively to its earnings and net assets for the financial year ending Sept 30, 2026 (FY2026), FY2027 and FY2028.

Earlier in January, the group had secured purchase orders worth a combined RM17.99 million for projects involving hybrid power systems, generators, battery boxes and power-factor correction panels tied to PETRONAS-linked projects in Sabah and Suriname.

Shares of Swift Energy Technology closed unchanged at 16 sen on Friday, valuing the ACE Market-listed group at RM160.1 million.