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Hiap Seng Engineering secures two contracts worth S$53m
HIAP Seng Engineering, a specialist integrated engineering group for the oil-and-gas, petrochemical and pharmaceutical industries, announced on Friday that it has secured two contracts worth approximately S$53 million in Singapore.
Under the Sebarok Tank Expansion project awarded by Vopak Terminals Singapore, Hiap Seng will provide engineering, procurement, construction and commissioning (EPCC) works in relation to the building of four new storage tanks and the associated works at Vopak Sebarok Terminal.
As for the second contract secured from Singapore Refining Company Private Limited, the group will be undertaking mechanical and piping works for the catalytic reforming unit revamp project.
Frankie Tan, executive chairman of Hiap Seng, said: "We will continue to look for opportunities to increase our client base, penetrate new markets and expand our presence in the region to strengthen our order book and boost Hiap Seng's position as the industry's preferred specialist integrated engineering group."
Barring any unforeseen circumstances, the group expects a positive contribution to its earnings from the contracts but does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending March 31, 2018.