Ranhill's unit bags RM50 mil engineering design project

Ranhill's unit bags RM50 mil engineering design project
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KUALA LUMPUR (Dec 1): Ranhill Utilities Bhd’s indirect subsidiary Perunding Ranhill Worley Sdn Bhd (PRW) has been awarded a RM50 million contract to perform detailed engineering design for Kasawari carbon capture and storage (Kasawari CCS).

Malaysia Marine and Heavy Engineering Holdings Bhd’s wholly owned unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) had on Nov 11 awarded the contract to PRW, which is principally involved in the provision of engineering and design services of oil and gas facilities.

The award is a result of a winning submission by MMHE and PRW for the Front End Engineering Design (FEED) design competition in August 2022, said Ranhill in a Bursa Malaysia filing on Thursday (Dec 1).

Kasawari CCS is the world’s largest offshore CCS project, capturing over three million tons per annum of carbon dioxide. The new CCS platform will be located next to the Kasawari central processing facility and linked via bridge.

The project has a duration of one year and is expected to contribute positively to Ranhill’s earnings for the financial year ending Dec 31, 2023.

Tan Sri Hamdan Mohamad, who is a director and substantial shareholder in PRW, is also the chairman and chief executive as well as a substantial shareholder of Ranhill.

On Thursday’s noon break, Ranhill’s share price finished up one sen or 2.41% at 42.5 sen, valuing it at RM550.76 million.

Surin Murugiah