Boustead Singapore F9D has announced that its wholly-owned subsidiary Boustead International Heaters (BIH) has secured a contract worth approximately $31 million.
The contract won by BIH, Boustead’s largest subsidiary in its energy engineering division, involves the design, engineering and supply of once through steam generators (OTSGs) for a floating production, storage and offloading vessel to be deployed in Latin America.
This is the second contract for OTSGs secured by BIH in the past year, which Boustead says demonstrates BIH’s efforts to bolster its product offerings and enhance capabilities in OTSGs, a core part of BIH’s strong track record in heat recovery systems including waste heat recovery systems for the global energy sector.
The latest contract has raised Boustead’s engineering order backlog to $587 million, and is expected to have a positive material impact on the group’s profitability and earnings per share in the current FY2024 ending March 31, 2024.
However, it is not expected to have a material impact on the group’s net tangible asset value per share for FY2024.
Shares in Boustead closed 2.5 cents or 3.1% up at 85.5 cents on Aug 22.
