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OTHERS CARIMIN PETROLEUM BERHAD ("CPB" OR "THE COMPANY") - LETTER OF AWARD

CARIMIN PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
CARIMIN PETROLEUM BERHAD ("CPB" OR "THE COMPANY") 
- LETTER OF AWARD
1. INTRODUCTION 

The Board of Directors of CPB is pleased to announce that the Company’s wholly-owned subsidiary, Carimin Engineering Services Sdn. Bhd., had on 23 December 2019 accepted a Letter of Award dated 20 December 2019 for the provision of Integrated Hook-Up and Commissioning (iHUC) Services for PETRONAS Carigali Sdn. Bhd. (Package C: SKG) (“Contract”).


2. INFORMATION OF THE CONTRACT 

The Contract will be for a duration of four (4) years, effective from 1 January 2020 and will expire on 31 December 2023.


3. FINANCIAL EFFECTS

The Contract will not have any material effects on the net assets and gearing of CPB and its subsidiaries (“CPB Group”) for the financial year ending 30 June 2020. However, the Contract is expected to contribute positively to the earnings of CPB Group over the duration of the Contract.


4. RISK FACTORS  

The potential risks involved in the Contract are the same with any other projects undertaken by CPB Group which are considered normal operational risks.


5. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTEREST 

None of the Directors and/or major shareholders of CPB and/or persons connected with them have any interest, whether direct or indirect, in the Contract.


6. STATEMENT OF THE DIRECTORS 

The Board of Directors of the Company is of the opinion that the Contract is in the ordinary course of business and is in the best interest of CPB Group.


This announcement is dated 30 December 2019.





Announcement Info

Company Name CARIMIN PETROLEUM BERHAD
Stock Name CARIMIN
Date Announced 30 Dec 2019
Category General Announcement for PLC
Reference Number GA1-30122019-00017



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