OTHERS MARINE & GENERAL BERHAD - PROVISION OF ONE (1) UNIT OF ANCHOR HANDLING TUG AND SUPPLY ("AHTS") VESSEL FOR PETRONAS CARIGALI SDN BHD

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
MARINE & GENERAL BERHAD
 - PROVISION OF ONE (1) UNIT OF ANCHOR HANDLING TUG AND SUPPLY ("AHTS") VESSEL FOR PETRONAS CARIGALI SDN BHD

INTRODUCTION

 

The Board of Directors of Marine & General Bhd (“M&G”) is pleased to announce that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd (“JMM”), received a work order award  for the Provision of One (1) Unit of Anchor Handling Tug and Supply Vessel (“Contract”) for PETRONAS Carigali Sdn Bhd on 27 December 2019. JMM received the approval to release the announcement regarding the award on 21 January 2020.

 

DURATION OF CONTRACT

 

The Contract, which commenced on 3 January 2020, is for a primary duration of three hundred and sixty-three (363) days from the commencement date.

 

RISK FACTORS

 

Risk factors affecting the Contract are mainly operational risks such as accidents and unexpected breakdown of the vessel. Notwithstanding this, JMM shall ensure strict compliance with the safety and operational procedures in the execution of the Contract requirements and has developed a programmed maintenance schedule, which stringently adheres to the International Safety Management (ISM) Standards in maintaining performance and seaworthiness of its vessel.

 

FINANCIAL EFFECTS

 

The Contract is estimated to have a cumulative value of approximately RM16 million for the primary term. It is expected to contribute positively to the earnings of M&G for the financial period ending 30 April 2020 and thereafter within the duration of the Contract. The Contract is not expected to have any effect on the share capital and shareholding structure of M&G. There are no significant risks involved in JMM fulfilling its obligations under the Contract.

 

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

 

None of the Directors and/or major shareholders and/or persons connected to the Directors and/or major shareholders have any direct or indirect interest in the Contract awarded.

 

DIRECTORS’ STATEMENT

 

The Board of Directors of M&G is of the opinion that the acceptance of these Contract is in the best interest of M&G.

 

This announcement is dated 21 January 2020.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 21 Jan 2020
Category General Announcement for PLC
Reference Number GA1-21012020-00058