Favelle Favco Bhd has secured three contracts with a combined value of approximately RM88.8 million for the supply of offshore cranes to customers in the oil and gas industry.
The company said its subsidiary, Favelle Favco Cranes (M) Sdn Bhd, received the purchase orders and letter of intent between Sept 17 and Sept 25, 2026.
The contracts were awarded by Saipem Offshore Construction SPA, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and OceanMight Sdn Bhd.
The offshore cranes for Saipem and MMHE are expected to be delivered by the end of 2027, while the order from OceanMight is scheduled for delivery by the third quarter of 2027.
Favelle Favco said the contracts are expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2026, and beyond.
The company did not disclose the individual contract values.
The awards will not affect Favelle Favco’s share capital or shareholding structure.
