Hiap Seng Bags $11M Offshore Gas Compressor Packages Supply Contracts

Singapore-listed Hiap Seng Engineering Ltd. (the Company) announced Wednesday that its 87 percent-owned subsidiary, HS Compression & Process Pte Ltd. has been awarded two contracts worth approximately $11 million (approximately SGD 15 million) for the provision of offshore gas compressor packages (the Works).

The Works have commenced and are scheduled for completion by March 2016.

Barring any unforeseen circumstances, the Group expects a positive contribution to its earnings from the contracts but does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending March 31, 2016.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above contracts. The Directors are also not aware of any substantial shareholders having any direct or indirect interest in the above contracts and have not received any notification of interest in the above contracts from any substantial shareholders.

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