KUALA LUMPUR, June 5 (Bernama) -- Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) shares on Bursa Malaysia rose in mid-morning today with the announcement that a subsidiary company has secured a RM1.5 billion contract.
At 12.28 pm, the counter rose two sen higher at 50 sen.
Earlier today, in a Bursa Malaysia filing, MHB said wholly owned Malaysia Marine and Heavy Engineering Sdn Bhd has secured an award to build an offshore substation (OSS) high-voltage direct current platform comprising topside and jacket from Petrofac International (UAE) LLC.
RHB Investment Bank Bhd said it is positive on MMHE’s latest contract win.
"This marks the group’s second windfarm OSS contract, following the first one secured in November 2023.
"While execution and cost management are crucial for project delivery, we believe MHB will continue to benefit from the growing windfarm segment," it said in a note today.
"We view this positively, given that the growing windfarm sector will provide earnings opportunities for MHB. However, successful project execution is crucial to fully capitalise on this potential.
"With the new award, the group’s OSS windfarm contracts now total RM2.7 billion and we estimate this will increase its order book by 28 per cent to RM6.9 billion," it added.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
