Handal JV secures RM360m Petronas Carigali contract

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

KUALA LUMPUR: Handal Resources Bhd's joint venture has received a letter of award from Petronas Carigali Sdn Bhd for the provision of a water injection module worth about RM360mil.

According to a statement, the contract secured by the JV between Handal Engineering Sdn Bhd and Borneo Seaoffshore Engineering Sdn Bhd will begin from March 2020 for a period of seven years with an extension option of three years. 

Including this contract, Handal's order book has risen to more than RM950mil and will contribute to the group's financial until 2027.

The group said it is securing strategic long-term contracts from its new business ventures and shorter-term contracts for its core business to significantly improve its financial position and become a formidable player in the oil and gas industry.

"We are very excited with this Contract win in spite of tough competition as we can showcase an innovative and cost-effective solution. We see this business line as the first step in our strategy to reposition ourselves in the Malaysian oil and gas industry. 

"We are pleased that PCSB has entrusted us with this project and we are confident of delivering it safely, on schedule and within budget," said Handal manging director Sunildeep Singh Dhaliwal.

He added that the group will continue to pursue contract tenders in the oil and gas industry, in addition to its core crane business.

"It is our plan to consolidate our business in Malaysia and then expand into the region," he said.