KUALA LUMPUR (April 10): Malaysia Marine and Heavy Engineering Holdings Bhd's (MHB) wholly-owned unit has bagged a service agreement contract from Petroliam Nasional Bhd (Petronas).

In a statement today, it said Malaysia Marine and Heavy Engineering Sdn Bhd, in a joint venture agreement with Hiap Seng Engineering Ltd, was awarded a master service agreement that covers integrated plant turnaround works and daily maintenance work on mechanical static for Petronas' plants, across the group.

The agreement is valid for a period of five years, and Petronas has an option to extend it. No contract value was mentioned in the statement.

"This long-term project award is aligned with our strategy to venture into new businesses that provides recurring orders in ensuring MHB's growth sustainability. We are committed to execute the work efficiently, without compromising on safety and quality," said the group's managing director and chief executive officer, Wan Mashitah Wan Abdullah Sani.

MHB's share price, which has risen some 45% year to date, closed unchanged today at 80 sen, for a market value of RM1.28 billion.