NGV Tech eyes RM800mil contracts


SHAH ALAM: Low-key shipbuilder NGV Tech Sdn Bhd is currently bidding for RM800mil worth of contracts to supply vessels to the local and overseas markets, including Iraq and Oman, says managing director Jamalolail Mohd Yatim.

The group was in negotiation with the Iraqi Navy to supply 10 vessels for US$6mil each, he said, without disclosing details on its Oman deal.

“We hope to conclude the (Iraq and Oman) deals in the next four months,” he told reporters yesterday after UMW Industrial Power Sdn Bhd signed a memorandum of understanding to supply 10 medium-speed GE Marine Engines Model 12V228 valued at RM50mil to NGV.

Under the agreement, eight engines will be delivered this year and the remaining next year.

NGV Tech Sdn Bhd managing director Jamalolail Mohd Yatim (left) and UMW Corp Sdn Bhd equipment division executive director Chew Chee Loon at the MOU signing ceremony between UMW Industrial Power Sdn Bhd and NGV Tech Sdn Bhd on Wednesday.

Jamalolail said the engines would be used to power four units of 60m anchor handling tug supply vessels that would be sold to its Saudi Arabian clients at an estimated value of US$60mil per vessel.

The first vessel would be delivered in December next year followed by one every two months, he said, noting that the vessels would be built at its 60-acre shipyard in Sijangkang, Selangor, which was expected to be expanded to 100 acres by year-end.

On Monday, NGV received a new vessel order from Saudi Arabia-based Bakri Navigation Co Ltd, boosting its total order book to RM2.7bil from RM2.1bil previously. Its current order book should last the group until 2012.

To date, NGV has delivered 16 of Bakri's total order of 27 vessels valued at RM500mil.

Its overseas market contributed about 80% of total revenue, Jamaloil said, adding that most of its foreign contracts came from the Middle East.

Locally, its customers include Gagasan Carrier Sdn Bhd, Ajang Shipping Sdn Bhd, Syarikat Borcos Shipping Sdn Bhd and Dinasetia Jati Sdn Bhd.

UMW Industrial Power, a wholly-owned subsidiary of UMW Corp Sdn Bhd, is the distributor of industrial and power equipment, such as industrial compressors, marine engines and portable power products.

For latest MSEB indices, charts and other information click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Binasat buys majority stake in solar contractor for RM18.36mil
Lalamove files confidentially for US$1bil US IPO
Serba Dinamik to decide on independent review scope on Friday
Scientex posts higher Q3 earnings, says Covid-19 lockdown to impact project billings�
FBM KLCI in the red as key heavyweights weigh
Singapore’s GIC buying 16% stake of Sunway Healthcare for RM750m
Moody's affirms Cagamas' A3 ratings; outlook stable
MGS yield curve steepened on lockdown due to infections surge
Euro zone business growth at 15-year high as demand unleashed -PMI
Pharmaniaga takes up financing facility under StanChart’s RM4.17b fund

Stories You'll Enjoy


Vouchers