This article first appeared in The Edge Financial Daily, on December 23, 2015.

KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has secured a contract for offshore structure fabrication works at the Kumang Cluster gas fields in Sarawak, as well as four other contracts for the refinery and petrochemical integrated development (Rapid)’s electromechanical, piping and structural works worth a total RM527 million.

In a statement yesterday, MHB said the contracts were secured via its wholly-owned subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), based on an exchange rate of RM4.30 to the US dollar, awarded by Petronas Carigali Sdn Bhd.

It expects to deliver within 12 months of the signing of the letter of award.

The contract entails the engineering, procurement, construction and commissioning of the well head platform topside and jacket, telecommunications and instrumentation system tie-ins of the new F12 platform, and telecommunications and instrumentation system tie-ins modification of the existing platform.

MHB managing director and chief executive officer Abu Fitri Abdul Jalil said in the statement that with these latest contracts, MHB had secured an estimated RM975 million worth of projects year to date.

“We continue to be on the lookout for offshore and onshore projects as well as for marine repair works, both domestically and internationally,” he said.

The group previously secured four other contracts for Rapid projects from Toyo Engineering Corp, Technicas Reunidas SA and Punj Lloyd Sdn Bhd.

MHB closed unchanged at 94 sen yesterday with 484,400 shares traded, with a market capitalisation of RM1.5 billion.