PEC adds $64 million of contracts to orderbook

Specialist engineering group PEC announced today that it has added another $64 million worth of project works contracts to its orderbook.

PEC does project works and maintenance services for the oil and gas, petrochemical, oil and chemical and pharmaceutical industries.

Chief executive Robert Dompeling said: "The Group has seen an increased momentum in terms of new order wins, despite the competitive operating environment.

"The latest wins includes a major order from a new client in Malaysia and a significant contract from a long-time repeat customer, an oil major who has substantial investments in Singapore."

PEC said that it was awarded a contract by one of the world's gas and engineering groups to provide mechanical construction works for a mid-scale process plant located within an integrated world-class LNG complex in Sarawak, East Malaysia.

The project commenced in May 2013 and is expected to be completed by December next year.

The second contract was secured from one of its multi-national clients to provide piping, and steel structure fabrication and installation for a petrochemical plant on Jurong Island in Singapore. Works are expected to commence this month and the project is slated for completion by July next year.

In addition, PEC secured three other contracts through its wholly-owned subsidiary, Audex.

In its statement to the Singapore Exchange, PEC said that the contracts are not expected to contribute to its earnings for its financial year ending June 30.