Nordic Group units secure S$36.5m worth of contracts

THE subsidiaries of Nordic Group have collectively secured contracts, valued at S$36.5 million, with their repeat customers, the offshore marine company said on Monday.

Subsidiary Austin Energy Pte Ltd had inked a contract with a multi-national corporation for the supply of labour and materials for piping and equipment insulation. This project is valued at about S$0.4 million, and is expected to be completed in Indonesia by the second quarter of this year.

Separately, Nordic Flow Control Pte Ltd, Multiheight Scaffolding Pte Ltd (MHS) and Austin Energy have also renewed their maintenance contracts with several repeat customers for a total value of approximately S$36.1 million.

These contracts are renewed for a period of one to five years.

In particular, MHS's maintenance contract with an oil major is for an initial period of three years with an option of a two year extension, the first time the oil major is renewing its contract with MHS on a longer tenure basis instead of periodic renewal.

Nordic shares finished higher by 0.6 Singapore cent to close at 18.6 Singapore cents on Monday.