Friday 29 Mar 2024
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KUALA LUMPUR (Aug 6): KKB Engineering Bhd said it has commenced engineering, procurement, construction and commissioning (EPCC) works for the D18 JT-D wellhead platform off Malaysia last month, which together with the D28 Phase 1 project have a total contract value of RM226 million.

The contract was awarded to its subsidiary OceanMight Sdn Bhd (OMSB) by Petronas Carigali Sdn Bhd on March 14.

In a filing with Bursa Malaysia today, KKB said OMSB has received the letter of award dated July 19 for the D18 Phase 2 project.

"The contract duration is 27 months, in which 15 months are for work execution for D18 Phase 2 project while the other 12 months are the warranty period," it added.

KKB said the contract is expected to contribute positively towards the earnings and net assets of the company for the duration of the contract.

At noon break, KKB Engineering's share price was down by 0.59% or 0.5 sen at 84.5 sen, with 20,300 shares traded, giving it a market capitalisation of RM217.8 million.

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