Kencana Petroleum Berhad's wholly owned subsidiary, Kencana HL Sdn. Bhd. ("KHL") has been awarded with a service agreement contract from an oil company for the provision of offshore construction services.
Under the Contract, KHL will provide construction services to the client's production platforms located offshore Peninsular Malaysia. KHL estimates that the value of the Contract, based on the anticipated scope of work and Contract unit rates, is approximately RM90 million for a primary term of three (3) years commencing in mid September 2009.
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