Serba Dinamik bags contracts worth RM512 mln

KUALA LUMPUR, Oct 25 (Bernama) – Serba Dinamik Holdings Bhd’s (SDHB) wholly-owned subsidiary Serba Dinamik International Ltd, has secured four operations and maintenance (O&M) contracts with a combined estimated value of RM512.17 million.

In a filing with Bursa Malaysia today, the global integrated engineering services provider said its unit clinched the contracts from clients, namely Halul Offshore Services Company WLL, Al-Meer Technical Services Co, Midad Industrial Services Saudi Arabia and Sumtech Multiline Trading LLC.

It involved projects in Qatar, Kuwait, Saudi Arabia and the United Arab Emirates (UAE), the company added.

SDHB also announced that its other unit, Serba Dinamik Sdn Bhd (SDSB) had bagged nine O&M contracts but with no specific value.

“The O&M contracts have no specific value as the contracts are on a ‘call-out’ basis whereby the work orders will be awarded at the discretion of the respective clients based on their activities schedules and rates throughout the duration of the contracts,” it explained.

SDHB said all the projects secured under SDSB are in Malaysia.

The clients include BASF Petronas Chemicals Sdn Bhd, PRPC Utilities and Facilities Sdn Bhd, Sapura Exploration & Production Inc, PS Terminal Sdn Bhd, Petronas Chemicals MTBE Sdn Bhd, Petronas Chemicals Ammonia Sdn Bhd and Petronas Carigali Sdn Bhd.

The contracts would not have any effect on the issued share capital and the shareholdings of the substantial shareholders of the company, said SDHB.

“The contracts secured are not expected to have any material effect on the net assets of SDHB and its group of companies for the financial year ending Dec 31, 2018 (FY18) and are expected to contribute positively to the group’s earnings for FY18,” said the group.

-- BERNAMA