Nordic clinches $13m of contracts

SINGAPORE - Nordic Group recently clinched $13 million of contracts from its various divisions, the oil and gas engineering contractor announced late on Tuesday (July 17).

Repeat customers awarded the company's scaffolding and insulation division $4.3 million of maintenance service contracts for scaffolding and insulation works and an ad-hoc contract of $1.0 million. The ad-hoc contract will be completed in the current quarter, and the maintenance service contracts are for one year and one-to-four years from the current quarter.

The precision engineering division received $4.2 million of capital projects from repeat customers for machining services and mechanical assembly. These contracts will be completed in the third and fourth quarter of 2018.

The company's system integration division secured $2.3 million of jobs from repeat customers to supply valve remote control and tank gauging systems, with a target completion date in the fourth quarter of 2019.

The scaffolding and petrochemical and environmental engineering divisions clinched $1.2 million of maintenance service contracts from a new customer to provide manpower and equipment, servicing and preventive maintenance of a wastewater treatment plant, and for rental and erection of scaffolds. The contracts are for one year from August 2018, and for three years from July 2018.

In May, the company reported an outstanding order book, including maintenance contracts, of $99.3 million.

Nordic Group's stock closed at 50 cents on Tuesday before the announcement.

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