The Company is pleased to announce that Handal Offshore Services Sdn. Bhd., a wholly-owned subsidiary of the Company, has on 3rd November 2014 accepted the Letter of Award dated 10th September 2014 from Sarawak Shell Berhad on the Design, Supply and Delivery of Pedestal Crane for E6 Field Development Project (“the Contract”).
The Contract’s effective date is on 10th September 2014 for a duration of one (1) year at contract price of RM6,346,339.00 (Ringgit Malaysia: Six Million Three Hundred Forty Six Thousand Three Hundred and Thirty Nine) 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 and 2015.
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 Contract.
This announcement is dated 3 November 2014.