DYNA-MAC Holdings has received a contract from a new customer for a provision sum of S$4 million, the offshore oil and gas contractor announced on Tuesday.
The contract is for the fabrication of corrosion-resistance alloy pipe spools for the central processing facility of an offshore gas field. The work is expected to start in the third quarter of 2019 and be completed by the fourth quarter. Dyna-Mac said the order is expected to have a positive impact on its earnings per share and net tangible assets for the current financial year ending Dec 31, 2019.
Dyna-Mac shares closed down 0.1 Singapore cent or 0.94 per cent at 10.5 Singapore cents on Tuesday before the announcement.
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