THINGS are still looking good for Wah Seong Corp Bhd despite the recent loss of the Nord Stream contract. The group is on the verge of clinching some RM700mil to RM800mil worth of oil and gas (O&G) contracts. Deputy group managing director Giancarlo Maccagno said Wah Seong was in the midst of finalising a host of pipeline construction, manufacturing and coating contracts. “We are confident the contracts would be signed within the next two to three weeks,” he told StarBiz. The contracts that are seen to be already in the bag for Wah Seong are:
·Two pipeline construction contracts worth RM150mil and RM75mil each in Australia,
·Two pipe-coating contracts totalling RM140mil to RM150mil in Turkmenistan and Malaysia, and
·The RM400mil pipe manufacturing and coating contract for the Sabah Sarawak Gas Pipeline (Bintulu contract).
The upcoming contracts would boost the group's order book, which stands at RM1.6bil to date, to more than RM2bil. Most of the contracts would also contribute to bottom line this year.
·Two pipeline construction contracts worth RM150mil and RM75mil each in Australia,
·Two pipe-coating contracts totalling RM140mil to RM150mil in Turkmenistan and Malaysia, and
·The RM400mil pipe manufacturing and coating contract for the Sabah Sarawak Gas Pipeline (Bintulu contract).
The upcoming contracts would boost the group's order book, which stands at RM1.6bil to date, to more than RM2bil. Most of the contracts would also contribute to bottom line this year.
(The Star 4-3-2008)
