Wah Seong secures RM560m contract from Yinson

WAH Seong Corp Bhd has secured a contract worth US$127.09 million (RM560.47 million) for the supply of certain floating production storage and offloading (FPSO) modules by Yinson Holdings Bhd.

It told Bursa Malaysia today that its indirect wholly owned subsidiary, WS Engineering & Fabrication Pte Ltd, was awarded the contract by Yinson’s unit, Yinson Azalea Production Pte Ltd.

The scope of work involves engineering, procurement and construction of certain FPSO topside modules.

The group said, the work and services of the contract are expected to be completed within 24 months and will contribute positively to the group’s earnings over the contract period.

Wah Seong’s share price slipped 2.4% or 1.5 sen to close at 61 sen today for a market capitalisation of RM472.68 million. Yinson, meanwhile, finished up two sen or 0.82% at RM2.45, valuing it at RM7.48 billion. – TMR