BUSINESS

KNM UNIT RECEIVES SIGNED PURCHASE ORDERS WORTH US$6.487 MILLION

13/02/2019 07:13 PM

KUALA LUMPUR, Feb 13 (Bernama) -- KNM Group Bhd’s wholly-owned subsidiary KNM Process System Sdn Bhd (KNMPS) today received the signed purchase orders from Single Buoy Moorings Inc. (SBM Offshore) amounting to US$6.487 million (RM26.38 million based on US$1=RM4.066). 

In a filing with Bursa Malaysia, KNM said the orders were dated Nov 13, 2018 and Feb 4, 2019. The supply and delivery duration of the goods would be 13 months commencing from the date of purchase orders respectively. 

SBM Offshore is a company incorporated in Switzerland and headquartered in Amsterdam for the supply of PME-Pressure Vessels-Separators (goods) for the Liza Unity-FPSO EPCI Project in the Starbroek block in Guyana, South America. 

The transactions are expected to contribute positively to KNM Group’s earnings for the financial years ending Dec 31, 2019 and Dec 31, 2020. 

The transactions are subject to certain commercial and financial risks in the power, oil, gas, petrochemical and energy industries.

“Although KNM with its vast experience may undertake efforts to mitigate various risk factors, there is no assurance that any change in the above risk factors will not have a material adverse effect on the business and operations of KNM and or KNMPS,”  it said. 

-- BERNAMA


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