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Sunday, November 29, 2015

Muhibbah Engineering bags EPCIC job from Ophir worth up to RM100m

KUALA LUMPUR (Nov 27): Muhibbah Engineering (M) Bhd has bagged a contract worth between RM93 million and RM100 million from Ophir Production Sdn Bhd to provide engineering, procurement, construction, installation and commissioning (EPCIC) services for the Ophir wellhead platform, located offshore Peninsular Malaysia.

In a filing with Bursa Malaysia today, Muhibbah said the contract will commence this month for a period of 14 months to final hook-up and commissioning offshore.

"The contract is expected to contribute positively to the earnings and net assets of Muhibbah Group for the current and future financial years," it said.

Ophir Production is a joint venture company between Octanex Pte Ltd, a wholly owned-subsidiary of Octanex NL (a public listed company in Australia), Scomi D&P Sdn Bhd and Vestigo Petroleum Sdn Bhd — a wholly-owned subsidiary of Petronas Carigali Sdn Bhd.

Octanex holds a 50% equity interest in Ophir Production, while Scomi holds 30% and Vestigo the remaining 20%.

Petronas had awarded Ophir Production a small field risk service contract for the development and production of petroleum from the Ophir oilfield.

Muhibbah shares closed down 4 sen or 1.81% today at RM2.17, bringing a market capitalisation of RM1.02 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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