PEC lands new contracts worth S$80m

Nisha Ramchandani

Published Thu, May 19, 2022 · 06:46 PM

ENGINEERING firm PEC has won new contracts totalling S$80 million for engineering, procurement and construction (EPC) as well as mechanical works across various projects in the energy and chemicals, and the floating production storage and offloading (FPSO) sectors.

Among them are S$50 million in contracts awarded to its unit, PEC Process Systems, to provide EPC and commissioning of oil, water and gas-handling packages.

In Singapore, PEC has been contracted to provide mechanical works for an integrated manufacturing complex, it said in a filing to the Singapore Exchange on Thursday (May 19).

Robert Dompeling, PEC’s group chief executive officer, said: “The Russia-Ukraine conflict has elevated the risk of supply interruption and sent energy prices soaring. Consequently, global energy prices will continue to reflect the ongoing tightness in supply and volatility.

“However, we are cautiously optimistic about prospects for project works and maintenance in the energy, chemicals and storage terminals sectors over the medium term, and will continue to expand and deepen our capabilities in the ‘green’ value chain to capture a share of the potential pipeline of projects coming on stream.”

The latest contracts are not expected to have a material impact on the group’s earnings for the financial year ending Jun 30.