KUALA LUMPUR (Jan 21): Marine & General Bhd (M&G) has secured a RM16 million contract from Petronas Carigali Sdn Bhd for the provision of an anchor handling tug and supply vessel.

In a filing with Bursa Malaysia, M&G said the job, which spans 363 days from Jan 3 onwards, was awarded to its subsidiary Jasa Merin (Malaysia) Sdn Bhd.

"The contract is estimated to have a cumulative value of approximately RM16 million for the primary term. It is expected to contribute positively to the earnings of M&G for the financial period ending April 30, 2020 and thereafter within the duration of the contract," it said.

M&G's share price closed one sen or 9% lower at 10 sen today, with a market capitalisation of RM72.39 million.