Hiap Seng unit wins US$11 million contracts for offshore gas compressors

AN 87 per cent-owned subsidiary of Hiap Seng Engineering has won US$11 million of contracts scheduled for March 2016 completion, the parent company announced on Wednesday.

The two contracts secured by HS Compression & Process are to provide offshore gas compressor packages, said Hiap Seng, a steelwork fabrication company.

The projects, which have begun, are expected to positively contribute to earnings, but are not expected to make a material impact on net tangible assets or earnings per share for the year ending March 2016.

Hiap Seng shares were not traded on Wednesday, but were quoted at 11.2 Singapore cents bid, 12.1 Singapore cent offered at the market's close.