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11-09-2018

PEC secures contracts worth $250m with existing clients

PEC Ltd. (PEC, and together with its subsidiaries and associated companies, the Group) has secured S$250 million worth of new contracts with existing clients in its key Asia and Middle East markets.

These include a contract in the Middle East, where the Group will provide engineering, procurement and construction (EPC) works for a crude oil tank terminal with a storage capacity of approximately 600,000m3. When this project is completed in 2020, PEC would have built more than 2 million m3 of storage capacity in the Middle East, strengthening its established track record in storage terminal facilities there.

The other awards include an EPC contract for propylene tankage facilities in Singapore as well as an EPC gas pipelines project and mechanical works.
Mr Robert Dompeling, PEC’s Group Chief Executive Officer, said: “These contract wins testify to our clients’ confidence in our capabilities to deliver well on time and meet exacting standards, affirming PEC as a trusted brand in the process industry.

“The pickup in downstream investments in Asia and the Middle East – from the upgrading of existing infrastructure to the construction of new facilities – present opportunities for PEC, supported by our strong reputation and proven integrated project and maintenance capabilities. We are well placed to tap on these prospects but will continue to exercise prudence in bidding for new contracts.”

PEC’s new projects are expected to have a positive contribution to the Group’s earnings for the current financial year ending 30 June 2019.

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