KNM’s unit bags RM21m contract in Australia

KNM’s unit bags RM21m contract in Australia
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KUALA LUMPUR (July 29): KNM Group Bhd’s unit has bagged a contract worth RM20.91 million (4.2 million euros) from an Australian oil and gas firm for the supply of air coolers bundles for gas compression stations in Australia.

In a filing with Bursa Malaysia, KNM said its indirect wholly-owned subsidiary FBM Hudson Italiana SpA (FBM) has inked a restated goods and services agreement with Origin Energy Upstream Operator Pty Ltd (Origin) for the job.

KNM said the tenure of the contract is for a period of 34 weeks, and that the deal will contribute positively to its earnings for the financial year ending Dec 31, 2020, and Dec 31, 2021.

FBM is principally involved in the design, engineering, procurement and manufacturing of process equipment, including pressure vessels, reactors, columns and towers, drums, heat exchangers, air finned coolers.

It is also involved in project management services in relation  to process equipment, plant facilities and general facilities for the oil, gas, petrochemicals, minerals processing and renewable energy industries worldwide.

KNM shares closed 0.5 sen or 2.33% higher at 22 sen today, bringing it a market capitalisation of RM591.45 million. Some 50.38 million shares were traded.