Boustead’s largest energy engineering unit bags $31m contract in LatAm

The company expects the contract to strengthen the OTSG offering of its subsidiary.

Boustead Singapore’s largest subsidiary in its Energy Engineering Division — Boustead International Heaters (BIH) — secured a $31m contract.

In a bourse filing, Boustead Singapore said the contract involves the “design, engineering and supply of once-through steam generators (OTSGs) for a floating production, storage and offloading vessel to be deployed in Latin America.”

The latest contract bagged by BIH raised Boustead’s engineering order backlog to $587m.

“The contract is expected to have a positive material impact on the Group’s profitability and earnings per share in the current financial year ending 31 March 2024 (FY2024) but is not expected to have a material impact on the Group’s net tangible asset value per share for FY2024,” the company added.