PEC lands S$250 million in new contracts in Asia, Middle East

Singapore five-dollar note Photo by Leslie Shaffer

PEC landed S$250 million worth of new contracts with existing clients in Asia and the Middle East, the oil and gas service provider said in a filing to SGX before the market open on Tuesday.

“The pickup in downstream investments in Asia and the Middle East – from the upgrading of existing infrastructure to the construction of new facilities – present opportunities for PEC,” Robert Dompeling, PEC’s CEO, said in the statement.

“We are well placed to tap on these prospects but will continue to exercise prudence in bidding for new contracts,” he said.

The contracts include one in the Middle East to provide engineering, procurement and construction (EPC) works for a crude oil tank terminal with a storage capacity of 600,000 cubic meters, to be completed in 2020, PEC said.

The other contracts include an EPC contract for propylene tankage facilities in Singapore and an EPC gas pipelines project and mechanical works, PEC said.

The new projects are expected to contribute positively to PEC’s earnings for the current financial year ending 30 June 2019, it said.

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