Company briefs: Nordic Group

Nordic Group

Units of offshore marine company Nordic Group have recently clinched several contracts with a total value of about $36.5 million.

Austin Energy secured a contract with a multinational firm in the oil and gas industry for the supply of labour and materials for piping and equipment insulation. This project worth about $400,000 will be completed in Indonesia by the second quarter.

Separately, Nordic Flow Control, Multiheight Scaffolding and Austin Energy have renewed their maintenance contracts with several repeat customers for a total value of about $36.1 million. In particular, Multiheight Scaffolding renewed a maintenance contract with an oil major for an initial period of three years with an option of a two-year extension. This is the first instance of the oil major renewing its maintenance contract with the company on a longer-term basis instead of periodic renewal.

Frasers Hospitality

Frasers Hospitality, the hospitality arm of mainboard-listed Frasers Centrepoint, has launched its third serviced residence in Jakarta.

Called Fraser Place Setiabudi, the 31-storey property in Jalan Karbela Selatan in the central business district has 151 units. The opening of Fraser Place Setiabudi will bring Frasers Hospitality's Jakarta portfolio to a total of eight properties with more than 1,300 units by 2019.

"With the anticipated trend of shorter and more frequent stays by business travellers, our new properties in Jakarta will feature a larger number of one- and two-bedroom apartments to specifically cater to this demand," said Mr Choe Peng Sum, the chief executive of Frasers Hospitality.

Secura Group

Security solutions provider Secura Group has entered into a memorandum of understanding (MOU) to acquire two companies, RedSentry and RedSentry Consultancy.

RedSentry is a provider of cyber security, secure cloud, and enterprise security and compliance solutions, while RedSentry Consultancy provides consultancy services.

Secura Group said the proposed acquisition will complement and further boost its existing cyber security business and allow the group to expand its cyber security offerings and enlarge its market share in Singapore.

The parties will agree on the terms and conditions of the sale within three months of the MOU.

A version of this article appeared in the print edition of The Straits Times on March 29, 2016, with the headline 'Company briefs: Nordic Group'. Print Edition | Subscribe