Nordic Group secures about S$7.2m worth of contracts

NORDIC Group has announced that its wholly owned subsidiaries, Nordic Flow Control (NFC), Multiheight Scaffolding (MHS), Austin Energy (Asia) (AEA) and Austin Energy (Offshore) (AEO) have recently obtained several contracts with a total value of approximately S$7.2 million.

The contracts are with the companies' repeat customers, which include multinational corporations (MNCs) and companies in the marine, oil and gas, pharmaceutical and process industries.

Of the S$7.2 million, approximately S$2.4 million are conversion contracts between NFC and a repeat customer for the supply, installation flushing and commissioning of tubing for remote control valves, water ballast tank level tubing, gas sampling and oxygen analysers. These projects are expected to be completed by the third and fourth quarter of 2016.

Apart from this, NFC also received several contracts for new-build vessels from one of China's largest shipyards listed on the Singapore Stock Exchange. These contracts have a total value of roughly S$2.1 million.

Meanwhile, MHS, AEA and AEO have secured capital and maintenance contracts totalling about S$2.7 million with repeat customers from the oil and gas, pharmaceutical and process industries. The maintenance contracts will be valid for up to three years.

Nordic's shares closed at 18.5 Singapore cents on Monday, down 2.63 per cent.