SINGAPORE (Apr 17): PEC announced Wednesday it has secured $103 million worth of new contracts in Asia with existing clients.
The group says the contract wins came on the back of an improving outlook of the process industry and its established reputation within the industry.
Among the contracts secured, two will see PEC providing engineering, procurement and construction (EPC) of two storage facilities in Singapore and Malaysia. Both projects are expected to be completed within 20 months.
The third contract is for the provision of mechanical and civil works for an upgrading project in East Malaysia.
The group says that barring any unforeseen circumstances, the latest contracts are expected to contribute positively to its FY19 earnings ending June 30.
Robert Dompeling, Group CEO of PEC says: “Investments in refining and petrochemical projects are expected to come onstream in Asia and the Middle East in the next five years. While we are cautiously optimistic of the near-term outlook, we will continue to exercise prudence in our bidding, focusing on key Asia and Middle East markets and on enhancing our capabilities.”
Shares in PEC closed 1.6% down at 61 cents on Wednesday.
