Marine and General Bhd (M&G) clinched a Work Order Award (WOA) from Petronas Carigali Sdn Bhd (PCSB) through its subsidiary Jasa Merin (Malaysian) Sdn Bhd (JMM) valued at RM13 million.
In a filing to Bursa Malaysia, M&G said the WOA is for the provision of one Anchor Handling Tug & Supply Vessel on April 6, 2021.
The works expected to commence in early June this year, remaining valid for a duration of 315 days from the commencement date.
M&G’s Board of Directors said the award is in the best interest of the company and is expected to contribute positively to its earnings for the financial period ending April 30, 2022.
The risk involved will mainly be operational risks while JMM will not have any significant risk in fulfilling its obligations for the award.
“MM shall ensure strict compliance with the safety and operational procedures in the execution of the WOA requirements and has developed a programmed maintenance schedule that stringently adheres to the International Safety Management (ISM) Standards in maintaining the performance and seaworthiness of its Vessels,” it said.