Boustead's Energy-releated Engineering division secures S$50m worth of contracts

Contracts span three continents.

Boustead Singapore Limited (Boustead) announced that its Energy-Related Engineering Division has in recent weeks secured over S$50 million in contracts from the oil & gas industries globally. The contracts involve the design, process engineering and supply of process heater systems and waste heat recovery units to energy developments in Africa, Asia and Europe.

The Energy-Related Engineering Division has secured in excess of S$200 million in oil & gas contracts to date in FY2014, which has made into one of the company's bright spots. This amount has far surpassed the S$111 million in oil & gas contracts secured by the division for the whole of FY2013. Together with the major water contract recently announced, the latest contracts have raised the Boustead Group’s order book backlog (as at the end of December plus new orders since then) to over S$450 million.

The latest oil & gas contracts are not expected to have a material impact on the profitability, earnings per share and net tangible asset value per share of the Boustead Group in the current financial year ending 31 March 2014. However, they are expected to have a positive material impact on the profitability and earnings per share of the Boustead Group in the next financial year ending 31 March 2015.

None of the Directors or controlling shareholders of Boustead has any interest, direct or indirect, in the above contracts, said Boustead.