The Board of Directors of Kencana Petroleum Berhad announced that its wholly owned subsidiary, Kencana HL Sdn. Bhd. ("Kencana HL") has been awarded with a contract from PCPP Operating Company Sdn Bhd ("PCPP") for the fabrication of offshore platform facilities.
The Contract comprises provision of engineering, procurement and fabrication of offshore wellhead platform structures and facilities. The Contract forms part of PCPP's gas field development project located offshore Bintulu, Sarawak. The total Contract value is estimated at approximately RM35 million. The Contract is a one-off construction contract and is expected to be fully completed by third quarter of 2009.
The Contract is expected to contribute positively to the earnings of Kencana Petroleum Group for the financial years ending July 31, 2009 and 2010.
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