Nordic secures S$22.6 million worth of contracts
Michelle Zhu
SEVERAL divisions of Nordic Group have clinched contracts with a total value of about S$22.6 million with both new and repeat customers.
On Wednesday (Apr 5), the systems integration solutions provider said most of these customers comprise multinational companies and companies in the marine, offshore oil and gas, petrochemical, semiconductor, infrastructure and security industries sectors.
The new contracts are not expected to have a material impact on Nordic’s consolidated net tangible assets per share and earnings per share, for its current financial year.
Among the group’s divisions, scaffolding and insulation secured contracts worth the most in value, with S$13.4 million worth of deals for scaffolding and insulation work. This includes an S$11.5 million contract for a three-year maintenance project for scaffolding, insulation and painting work with an existing customer in the petrochemical industry.
The system integration division secured about S$6.9 million of capital and ad hoc contracts. These include an electrical and instrumentation deal from the petrochemical industry worth about S$5.1 million. The contracts are due to be delivered mainly in Q2 and Q3 2024.
The cleanroom, air and water engineering solutions division bagged about S$1.4 million worth of ad hoc and maintenance projects which are mainly due to complete in the last quarter of 2024.
About S$600,000 worth of contracts were secured by the precision engineering division for machining services and mechanical assembly, largely due for completion in Q3 2023.
A S$300,000 ad hoc project was clinched by the specialist structural engineering services division to design, supply and deliver partition panels by Q2 2023.
Shares of Nordic were trading S$0.01 or 2.2 per cent higher at S$0.475 as at 1.18 pm on Wednesday, after the news.
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