Collectively, the value of contracts by secured SESB in the last three months has surpassed RM475 million.
Our decision to adopt an asset-light strategy focusing on growing core business, expanding product lines and building integration capability has been well rewarded as evidenced by our continuous success in winning new contracts, said Shah Hakim Zain, Chief Executive Officer of SESB.
The PPA provides for a fixed purchase price by SESB
of MYR 0.
In return for the construction of the Project, SESB is entitled to a highly predictable stream of monthly Availability Charges.
The likelihood of termination due to non-performance on the part of SESB is viewed as low due to the straightforward nature of maintenance works.
Furthermore, the transaction's security package does not include the assignment over the lease agreement between SESB
SESB, besides Thailand, is also offering likewise services to the PTTEP Group of companies in Australia and Myanmar and this contract comes as the largest oilfield services contract which the firm presently has in Thailand.
Followed by the receipt of this contract, SESB s current order book in Thailand stands at RM260 million.
SESB CEO Shah Hakim Zain stated: We are pleased to work together with Petronas once again in Myanmar.
The contract wins are due to strengthened efforts to develop the business in Eastern Hemisphere region which is a focus area for SESB.
The contract is for a period of one year, which commenced at end June 2013, with an option for CEC to extend it for another year, and is valued at about RM22 million for the entire two-year duration, said SESB.
SESB marine services president Mukhnizam Mahmud said, This win expands our offshore support vessel services footprint in Asia.