|Contents||The Company is pleased to announce that Handal Offshore Services Sdn Bhd (HOSSB), a wholly-owned subsidiary of the Company, has on 14 December 2010 received a Letter of Intent from Petrofac Energy Developments International Limited to award HOSSB a purchase order (the “Purchase Order”) for the supply of Diesel Powered Pedestal Cranes (the “Goods”), at a total cost of USD3,319,225.00. |
The Letter of Intent is a clear instruction to commence on the fabrication of the Goods with immediate effect in accordance with Petrofac General Terms and Conditions of the Purchase Order. The contractual delivery date of the Goods is scheduled on 1 June 2011.
The Purchase Order is not expected to have any material impact on the earnings, net assets and gearing of the Group for the financial year ending 31 December 2010. However, the Purchase Order is expected to enhance the Group’s future earnings and Net Tangible Assets ("NTA").
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.
The Board is of the opinion that the acceptance of the Purchase Order is in the best interest of the Group.
This announcement is dated 16 December 2010.