Eversendai bags maiden oil & gas jobs worth RM72.2mil

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KUALA LUMPUR (Sept 08): Eversendai Corp Bhd has secured its maiden oil and gas (O&G) contract for two separate packages, worth a combined RM72.2 million.

In a statement to Bursa Malaysia today, Eversendai said its unit, Eversendai Oil & Gas (M) Sdn Bhd, bagged a mechanical and steel structure packages contract for Petronas Carigali Sdn Bhd's Terengganu Gas Terminal (TGAST) Project — Phase 2.

The contract was awarded to it by Samsung Engineering (Malaysia) Sdn Bhd.

Under the deal, Eversendai will supply and install steel structures, as well as provide fabrication and erection of piping and mechanical equipment.

The mechanical package will commence in the third quarter of this year and complete by April 2016

"This is a major breakthrough contract for Eversendai, as it validates our strategic decision to venture into the O&G, petrochemical and process plant construction sectors in Malaysia,” Eversendai its executive chairman and group managing director, Tan Sri A K Nathan, said in the statement.

Eversendai expects its foray into this segment to be a substantial contributor to the group's earnings in the near future.

"It will also strengthen and facilitate the group's inroad into the local petrochemical plant construction sector, especially with the rising opportunities in the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor," he added.

Shares of Eversendai were down 0.52% at 95.5 sen in morning trade today, with 30,000 shares done. Its market capitalisation stood at RM 739.07 million.