Eversendai secures RM180 million new contracts, including Saudi Aramco offshore fabrication job

PETALING JAYA: Eversendai Corp Bhd today announced new contract wins of RM180 million, including a major offshore fabrication project for Saudi Aramco.
Other projects are 13 gantry structures project in Doha; a mixed-use development project which comprises commercial, retail cultural and entertainment areas in Doha; a bank headquarters building in Dubai; as well as jackets for Saipem in Saudi Arabia.
With the winning of the Saudi Aramco project, Eversendai brings its total project wins up to RM1.56 billion year to date, while its order book stands at about RM2.3 billion.
The Saudi Aramco contract was awarded to Eversendai's wholly owned subsidiary Eversendai Offshore RMC FZE in the UAE, through Saipem S.p.A. which is one of the long-term agreement (LTA) engineering procurement and construction (EPC) contractors for Saudi Aramco.
Eversendai said this project win makes the group's the first Malaysian company to be working on a Saudi Aramco offshore fabrication project.
"Eversendai Offshore expects this to be the first of many more projects to come its way from Saudi Aramco which is projected to invest more than US$300 billion over the next 10 years," it said in a filing with the stock exchange.
Despite the current oil and gas market sentiment, Eversendai said Saudi Aramco has awarded US$5 billion worth of projects from 2016 to-date.
Eversendai Offshore was also recently certified with the Saudi Aramco 9com certification that allows it to execute Saudi Aramco projects, which are only open to pre-qualified and approved companies who fulfill highly stringent requirements by Saudi Aramco.
"With this certification, the company's fabrication yard in Ras Al Khaimah becomes a pre-qualified vendor for fabrication and construction of Offshore Platforms and Jackets for Saudi Aramco.
"As the number of fabrication yards in the Middle East with Saudi Aramco certification is limited, Eversendai has a high potential in increasing their bid conversion rate bidding through the LTA EPC contractors or through Saudi Aramco itself directly," said Eversendai Offshore CEO Narish Nathan.
At 12.30pm, Eversendai's share price fell 1.5 sen or 1.5% to 96 sen on some 865,700 shares done.