Award From Tanjung Kapal Services Sdn Bhd For The Construction of Two (2) Units Of Anchor Handling Tug Supply Vessel
Jun 04, 2008
The Board of Directors of Muhibbah Engineering (M) Bhd ("Muhibbah") is pleased to announce that its wholly owned subsidiary, Muhibbah Marine Engineering Sdn Bhd ("MME"), had been awarded repetitive orders for two (2) separate contracts by Tanjung Kapal Services Sdn Bhd, a wholly owned subsidiary of Tanjung Offshore Berhad (collectively known as "the Contract"). The Contract consists of the construction of two (2) units of Anchor Handling Tug Supply Vessel ("Vessels") for a total consideration of approximately RM100,000,000.00 (Ringgit Malaysia: One Hundred Million Only).
DURATION OF CONTRACT
The construction and commissioning of the Vessels are expected to be delivered in 2011.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the Contract.
The Contract is expected to contribute positively to the earnings and net assets of MME and Muhibbah group for future financial years. The Contract does not have any impact on the share capital and shareholding structure of Muhibbah.
The Board of Directors of Muhibbah, is of the opinion that the acceptance of the Contract is in the best interest of Muhibbah group.