Kencana Petroleum Bhd has announced that wholly-owned Kencana HL Sdn Bhd (KHL), has secured a RM216 million contract from Petrofac (Malaysia-PM304) Ltd (Petrofac), for the engineering, procurement and construction (EPC) of well head platforms for the Cendor oil field.
In its filing to Bursa Malaysia, the company said KHL is to undertake the EPC of two units of wellhead platforms for the Cendor Phase 2 Development Project, located off the coast of Terengganu.
It said the one-off construction contract is expected to be completed within the second quarter of 2012.
Meanwhile, the contract is expected to contribute positively to the earnings and net assets per share of Kencana Petroleum Group for the financial years ending July 31, 2011 and 2012.
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