Kim Heng Shipbuilding and Engineering (KHSE), a wholly-owned subsidiary of Kim Heng 5G2 has been awarded an additional variation contract totaling US$7.8 million ($10.33 million).
KHSE will provide design, engineering, modification and shipbuilding for a marine-based asset, with the project expected to be completed by the fourth quarter of 2024.
“The group remains well positioned and equipped with shore-based marine assets and offshore vessels that enable us to leverage our knowledge in the offshore renewable industry throughout Asia and the US to support the global energy transition towards a sustainable future”, says Thomas Tan, executive chairman and CEO.
Barring unforeseen circumstances, Kim Heng expects the contract to contribute positively to its earnings per share and net tangible assets for FY2023 and FY2024 ending 31 December 2023 and 31 December 2024.
Shares in Kim Heng closed 0.2 cents or 1.82% down at 10.8 cents on May 8.
