SINGAPORE (Mar 13): Engineering solutions provider Nordic Group announced Friday it has recently won several contracts worth a total of $30.4 million.
The group’s Precision Engineering division secured contracts worth around $5.0 million from repeat customers for work involving machining services and mechanical assembly.
The contracts will be completed mainly in 2Q2020 and 3Q2020.
Its System Integration division bagged $6.0 million is contracts for a new customer for the overhaul of valve remote control and tank gauging systems.
These contracts will be completed mainly in 3Q2020 and 2Q2021.
Meanwhile, the Scaffolding, Insulation, Petrochemical & Environmental Engineering and Cleanroom, Air and Water Engineering Solutions divisions secured ad hoc projects of approximately $6.5 million and maintenance services contracts of approximately $12.9 million.
These involve Nordic’s scaffolding, insulation, mechanical and tools hook-up services.
The ad hoc projects will mainly complete in 3Q2020 and 1Q2021, while the maintenance services contracts are mainly for renewal of its existing term contracts with certain multinational companies for one to three years.
Nordic says the contract wins are not expected to have material impact on the group’s consolidated net tangible assets per share and earnings per share for the current financial year.
As at 3pm on Friday, shares in Nordic are trading 1 cent lower, or down 4.4%, at 21.5 cents. Year-to-date, the counter has fallen 25.9%.
