Wah Seong Corporation Berhad’s indirect wholly-owned subsidiary, WS Engineering & Fabrication Pte. Ltd. has been awarded a contract by Yinson Azalea Production Pte. Ltd., valued at USD127,089,115.00 (equivalent to RM557,654,328.00 based on the exchange rate of USD1.00 to RM4.3879) for the supply of certain FPSO topside modules.
The scope of work of the Contract involves engineering, procurement, and construction of certain FPSO topside modules and is expected to be completed within 24 months.
The group adds the work and services to be performed under the contract are within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said business.
Wah Seong views the contract to contribute positively to the earnings of the group over the contract period, the contract is project specific and is not renewable.
