The Board of Directors of Kencana Petroleum Berhad announced that its wholly owned subsidiary, Kencana HL Sdn. Bhd. (“KHL”) has secured the following contract :
KHL has secured a contract from Newfield Peninsula Malaysia Inc. (“Newfield”) for the provision of procurement and construction of the jackets for wellhead platform and central processing platform for PM329 East Piatu Development Project off Peninsular Malaysia. The total contract value is estimated at approximately RM21.6 million (Approximately $7 M) .
The Contract is expected to be delivered within the first quarter of 2011.
The Contracts are expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending 31 July 2011.
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Source:Kencana Petroleum , October 6, 2010;