KUALA LUMPUR (Sept 14): GFM Services Bhd (KL:GFM) said on Monday it has received an additional release order worth RM37.4 million for major turnaround works at the Pengerang Integrated Complex in Johor.
In a bourse filing, GFM said the additional works, awarded to its 60%-owned subsidiary Shapadu CR Asia Sdn Bhd (SCRA) by Pengerang Refining Company Sdn Bhd, raises the contract value to RM104.16 million from RM66.77 million.
Meanwhile, the value of its other contract with PETRONAS Chemicals Isononanol Sdn Bhd — held via wholly-owned unit Highbase Strategic Sdn Bhd — remains unchanged at RM16.35 million.
Following this latest revision, GFM said the gross estimated value of its four ongoing release orders has climbed to RM268.73 million. This comprises the newly updated RM120.51 million contract bundle alongside the RM148.22 million contract package previously awarded to 51%-owned unit HIMS Integrated Services Sdn Bhd, which was announced on July 10.
“Our priority is to execute these works well and strengthen our position for future maintenance and turnaround opportunities,” GFM managing director Ruslan Nordin said in a statement.
GFM’s energy division includes Highbase, HIMS and SCRA, enabling the group to provide specialised mechanical maintenance and turnaround services for major downstream oil and gas facilities.
The group noted that the contracts form part of PETRONAS’ Integrated Turnaround Main Mechanical and Maintenance Mechanical Static (TA4MS) framework, which appoints local contractors to carry out plant turnaround and maintenance work.
GFM said the additional contracts increase the project’s scope and manpower requirements. Work is expected to begin in March 2027 and contribute positively to GFM’s earnings for the financial year ending Dec 31, 2027.
GFM offers companies the opportunity to focus on their core business through outsourcing of their non-core business activities. The group currently employs upwards of 900 personnel and is supplemented by more than 300 associates.
GFM shares close unchanged at 18.5 sen on Monday, valuing the group at RM140.5 million. Year-to-date, the stock is up 2.78%.