Muhibbah Engineering secures two contracts worth RM479mil

KUALA LUMPUR: Muhibbah Engineering (M) Bhd has accepted a contract from Petronas Carigali Sdn Bhd for the construction, commissioning and installation of light weight structure project, around 190 kilometres from Terengganu shore for a contract value of approximately RM318 million.

The engineering company has also been awarded by Lumut Maritime Terminal Sdn Bhd, for the proposed construction and completion of Lumut Maritime Terminal expansion project at Manjung, Perak with contract value of approximately RM161 million.

In two Bursa Malaysia filing, Muhibbah said that both contract are expected to contribute positively to the earnings and net assets of Muhibbah and its subsidiaries for the current and future financial years

"The contract is within the normal ordinary business scope of Muhibbah Group, so it is not expected to expose to any new risks other than those through its existing businesses,” it said.

Muhibbah said that for the contract with Petronas Carigali, the execution of the scope is scheduled to commence immediately and is expected to be completed no later than end of May 2024.

"As for the contract with Lumut Maritime Terminal is also scheduled to commence immediately and is expected to be completed within 20 months from the commencement and effective date,” it said. - Bernama