KNM to supply equipment to SBM Offshore for US$4m

-A +A

KUALA LUMPUR (Aug 14): KNM Group Bhd has received a purchase order to supply PME pressure vessels separators for the Prosperity floating production storage and offloading (FPSO) project based offshore Guyana for a contract sum of US$4.08 million (approximately RM17.13 million).

Its wholly-owned KNM Process Systems Sdn Bhd received the purchase order yesterday from Single Buoy Moorings Inc (SBM Offshore), a Dutch-based oil and gas company.

The supply and delivery duration of the contract is for a period from Aug 13, 2020 until June 1, 2021, KNM said in a filing today.

"The transaction is expected to contribute positively to KNM Group's earnings for the financial years ending Dec 31, 2020 and Dec 31, 2021," the group added.

Shares in KNM ended two sen or 8.33% lower at 22 sen, valuing it at RM591.86 million.