PEC Ltd has been awarded new contracts valued at around S$80 million for engineering, procurement and construction (EPC) and mechanical works in various projects in the energy and chemicals and floating production storage and offloading (FPSO) sectors.
The latest orders include S$50 million in contracts awarded to PEC’s wholly-owned subsidiary PEC Process Systems Pte Ltd (PPS), to provide EPC and commissioning of oil, water and gas handling packages. Incorporated in October last year, PPS is a key business unit under the Group’s expansion strategy into the modular process solutions segment. In Singapore, PEC has been contracted to provide mechanical works for an integrated manufacturing complex.
Robert Dompeling, PEC’s Group Chief Executive Officer, said: “The awards of these contracts despite the competitive operating conditions attest to our ability to deliver well on projects. We are also pleased with PPS’s progress to establish a good industry standing in the FPSO segment and in growing the Group’s revenue and client base.
“The Russia-Ukraine conflict has elevated the risk of supply interruption and sent energy prices soaring. Consequently, global energy prices will continue to reflect the ongoing tightness in supply and volatility. However, we are cautiously optimistic about prospects for projects works and maintenance in the energy, chemicals and storage terminals sectors over the medium term, and will continue to expand and deepen our capabilities in the ‘green’ value chain to capture a share of the potential pipeline of projects coming onstream.”
The latest contracts are not expected to have any material impact on the Group’s earnings for financial year ending 30 June 2022.
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