The Company is pleased to announce that Handal Offshore Services Sdn Bhd ("HOSSB"), a wholly-owned subsidiary of the Company, has received a Letter of Award from UMW Petrodril (Malaysia) Sdn. Bhd. for HOSSB to provide Portable Platform Crane ("PPC") for UMW Petrodril (Malaysia) Sdn. Bhd.
The contract effective date will commence in the month of March 2014 for a duration of two (2) years at approximate value of RM16 Million (Ringgit Malaysia: Sixteen Million) only.
The contract is expected to contribute positively to revenue and earnings and net assets per share of the HRB Group for the financial year ending 31 December 2014.
The risks associated with the contract are normal operational risks which can be mitigated through HRB system of project management and internal business controls.
None of the Directors or major shareholders of HRB or persons connected to them have any interest, direct or indirect, in the above contract award.
This announcement is dated 12 March 2014.