Since its listing in February, Serba Dinamik, its shares has risen from the IPO price of RM1.50 to RM1.96 at midday on Tuesday.
KUALA LUMPUR: Serba Dinamik Holdings Bhd's subsidiaries have secured six operations and maintenance (O&M) contracts for the oil and gas industry valued at RM522.92mil.
It said on Tuesday that of the six, Serba Dinamik International Ltd was awarded two new projects by Agility Energy FZE to be undertaken in the United Arab Emirates. The combined contract value was RM420.42mil.
The first contract was to provide maintenance, repair and overhaul (MRO) for offshore and onshore pumps, turbines, compressors and other associated rotating equipment. The second was to provide boiler and unfired pressure vessels; major upgrades, repair and maintenance and also manpower.
The contract period was from July 15 this year to July 14, 2020.
Sebra Dinamik explained O&M contracts usually do not have a specified contract value by nature. It derived the value based on its internal estimation of the historical records for similar type of projects or contracts.
It also said Serba Dinamik Sdn Bhd had secured one new project from Malaysia LNG Sdn Bhd and three extension projects from PRPC Utilities and Facilities Sdn Bhd, Petronas Gas Bhd
, and Murphy Sarawak Oil Co., respectively, with an estimated total value of RM102.50mil.
Serba Dinamik said the new contracts were expected to strengthen the group’s position among the top MRO services provider domestically and internationally.
The contracts are expected to contribute positively to the group’s earnings for the financial year ending 31 Dec 31, 2017 to Dec 31, 2020.