PETALING JAYA: Marine & General Bhd's subsidiary Jasa Merin (Malaysia) Sdn Bhd has bagged a RM48 million contract from Murphy Sarawak Oil Co Ltd to provide two anchor handling tug supply vessels (60MT) to support Murphy's Sarawak production operations.
The group told the stock exchange that the contract for the first vessel started on August 1 while the second one is expected to begin at the end of this month. The contracts are for a primary duration of three and two years respectively with an optional extension period of one year each.
"The contract, estimated to have a value of approximately RM 48 million for the primary term and RM 30 million for the optional term, is expected to contribute positively to the earnings of the group for the financial period ending December 31, 2018," it said.
The stock fell 8.33% to close at 11 sen with 1.09 million shares done.