Oil and gas services provider Muhibbah Engineering (M) Bhd has bagged two contracts for a total of RM479 million for the provision of construction works in Perak and Terengganu.

KUALA LUMPUR (Nov 20): Oil and gas services provider Muhibbah Engineering (M) Bhd has bagged two contracts amounting to RM479 million, for the provision of construction works in Perak and Terengganu.

The contract in Perak is for the expansion of the Lumut Maritime Terminal in Lumut, Manjung, worth RM161 million, specifically to build onshore infrastructure and offshore facilities, including a main open-type wharf under Phase 2 of the expansion project.

The contract was awarded by Lumut Maritime Terminal Sdn Bhd. The group is to start work on it immediately and complete it in 20 months, Muhibbah said in a bourse filing on Monday.

The second contract was awarded to Muhibbah as "the consortium lead partner" from Petronas Carigali Sdn Bhd, in relation to the Gansar project located about 190km from Terengganu's shore for a total value of RM318 million, said Muhibbah in a separate filing.

It was reported in December last year that a consortium led by Muhibbah had secured a RM322 million contract from Petronas Carigali in relation to the Gansar project.

In its latest filing on Monday, Muhibbah said the new Petronas Carigali job is an "activation of optional scope" for the Gansar project. Under the contract, Muhibbah is to provide engineering, procurement, construction, commission and installation works for a "light weight structure, Duyong brownfield modification and host tie-in" for the project.

The group also has to start on the job immediately and complete it by no later than the end of May 2024.

Muhibbah expects both contracts to contribute positively to its earnings and net assets for the current and future financial years.

Shares in Muhibbah finished 1.5 sen or 2.19% higher at 70 sen on Monday, giving it a market capitalisation of RM505.56 million.

Year to date, the stock has soared 32.08%.

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Muhibbah-led consortium secures RM322 mil EPCC+I job from Petronas Carigali