The Board of Directors of Kencana Petroleum Berhad (“Kencana Petroleum”)announced that its wholly owned subsidiary, Kencana HL Sdn. Bhd. has secured a contract from PETRONAS Carigali Sdn. Bhd. (“PETRONAS Carigali”) for the provision of single buoy mooring overhaul for PETRONAS Carigali’s Sarawak Operations (“the Contract”).
The total value of the Contract is estimated at approximately RM16.4 million. The Contract is for a one-off period and is expected to commence within the month of January 2011.
The Contract is expected to contribute positively to the earnings and net asset per share of Kencana Petroleum Group for the financial year ending 31 July 2011.
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Source:Kencana Petroleum , October 14, 2010;