Kencana unit secures contract

KUALA LUMPUR: Kencana Petroleum Bhd’s wholly-owned unit, Kencana Nautilus Sdn Bhd, in collaboration with Yinson Marine Services Sdn Bhd, has secured a service contract estimated to be worth RM33mil to provide offshore support vessel.

The company told Bursa Malaysia yesterday that the contract comprised the scope of providing an offshore support vessel for the purpose of assisting and servicing drilling rigs, offshore installations, derrick barges, diving vessels and other crafts, including anchor-handling services off the coast of Vietnam.

The contract is awarded for one year with an option to extend for another one-year period.

It is estimated the value of the contract for the two-year duration to reach RM33mil,” Kencana said.

The contract was expected to contribute positively to its earnings for the financial year ending July 31, 2011 and 2012, Kencana added.

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