Nordic Group secures S$38.9m worth of contracts

NORDIC Group Limited's subsidiaries Austin Energy (Asia) Pte Ltd and Multiheight Scaffolding Pte Ltd recently secured about S$38.9 million worth of contracts from repeat and new customers, the group announced on Thursday.

Austin Energy secured a three-year contract worth approximately S$35 million for a scaffolding, insulation and coating capital project from a multinational company in the petrochemical industry. The contract will start from June 1, 2017.

The two subsidiaries also secured capital and ad hoc projects with repeat customers for architectural, piping and equipment insulation and scaffolding works. The projects total about S$3.9 million and are expected to be completed by the second quarter of 2018.

Nordic does not expect the contracts to have a material impact on the consolidated net tangible assets per share and earnings per share for the current financial year.