Boustead bags S$68mln contracts globally

Boustead Singapore Limited has announced its engineering division has secured S$68 million in contracts from the oil & gas industries globally.

The contracts involve the design, process engineering and construction of key process equipment for oil refineries, petrochemical plants and gas processing plants in Australia,Brazil, Saudi Arabia and the United Kingdom.

These follow shortly after being awarded a contract of S$107 million. This will now raise the company’s order book by S$175 million to a level above S$500 million.

Mr Wong Fong Fui, Chairman and Group Chief Executive Officer of Boustead said, “We are delighted to have secured several contracts at major energy developments worldwide, against intense international competition. Coincidentally, these contracts come shortly after Boustead Projects secured its largest contract to date, a S$107 million contract to design-and-build an integrated facility for a world leading power systems corporation.”

The above contracts are not expected to have a material impact on the profitability, earnings per share and net asset value per share of Boustead in the current financial year ending 31 March 2010.

However, the contracts are expected to have positive material impact on the profitability and earnings per share of Boustead in the next financial year ending 31 March 2011.