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Nordic Group clinches S$12.9m of contracts for capital projects and maintenance

NORDIC Group has bagged several contracts totalling about S$12.9 million from new and repeat customers in the marine, oil and gas, petrochemical and infrastructure industries, the precision engineering and systems integration solutions provider said in a regulatory filing.

Of the amount, around S$9.2 million were for capital projects from repeat customers, and about S$3.7 million were for maintenance services, of which S$3.4 million and S$0.3 million were from repeat and new customers respectively.

Capital projects include about S$2.3 million for scaffolding works due to be completed in the fourth quarter of 2019 and the first quarter of 2020; about S$6.4 million for machining services and mechanical assembly, due to be completed in the third and fourth quarter of this year; and some S$0.5 million for the supply of electric actuators, valves, sensors and tank gauging systems due for completion in the first quarter of this year.

For maintenance projects, the group secured contracts - for three months to one year starting from January - for insulation and scaffolding works, and boiler rental.

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The group said that the contracts are not expected to have material impact on the consolidated net tangible assets per share and earnings per share for the current financial year.

Nordic's shares closed flat at S$0.35 on Thursday.