News Post
Wah Seong awarded US$34.5m gas compressor contract in Iraq
KUALA LUMPUR (March 16): Wah Seong Corp Bhd has bagged a US$34.56 million (RM135.24 million) contract for the design and sale of gas compressor packages, and associated plant and site facilities in Iraq.
In a filing with Bursa Malaysia, Wah Seong said its indirect wholly-owned subsidiary Wasco Engineering International Ltd was awarded the contract by Basrah Gas Co, headquartered in Basra, Iraq.
Wah Seong said the activity is expected to start this month and end by the end of 2018.
Wasco is a British Virgin Island-incorporated company and its place of business is at the Jebel Ali Free Zone, Dubai, United Arab Emirates.
Its scope of work includes providing gas compressors and process equipment, and site facilities such as office and workshop containers, lighting, safety equipment, fire and gas detectors, power generators and air compressors.
“The activities undertaken (by Wasco for Basrah Gas) include engineering, detail design, procurement and packaging of the process equipment.
Wah Seong has previously supplied similar packages to the same customer in Iraq, the group said.
The contract, which is specific and not renewable, is expected to contribute positively to the group’s earnings over the contract period.
Wah Seong’s shares dipped one sen or 0.61% to close at RM1.62 today, for a market capitalisation of RM1.25 billion.
http://www.theedgemarkets.com/article/wah-seong-awarded-us345m-gas-compressor-contract-iraq
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