PETALING JAYA: Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) share price fell as much as 2.70% to 54 sen this morning after reaching a 58sen high following the signing of a long-term agreement with Saudi Arabian Oil Company (Saudi Aramco).

At 12.06pm, , the stock was trading at 55 sen with 889,100 shares done.

This agreement with Saudi Aramco was entered into by MHB through a consortium comprising its unit Malaysia Marine and Heavy Engineering Sdn Bhd and TechnipFMC.

The agreement is valid for six years with an option to extend for another six years, the group said in Bursa Malaysia filing. It covers engineering, procurement, fabrication, transportation, and installation of offshore facilities in support of Saudi Aramco’s offshore maintain potential programme, and other works that will be executed within the Saudi Arabia waters.