Rotary Engineering bags S$65m worth of contracts

MAINBOARD-LISTED Rotary Engineering Limited and its subsidiaries on Thursday said the group has secured contracts worth about S$65 million for the period November 2015 to early February 2016.

The regional oil & gas engineering, procurement, construction and maintenance services value chain provider said that one of the new contracts was for a S$19 million jetty and its topside in Jurong Island.

In addition to the civil engineering work for the jetty, the work on its topside included marine loading arms, firefighting facilities, and E&I (electrical and instrumentation) works.

The group also secured two contracts worth S$33 million involving piping, mechanical, civil, and E&I work in Jurong Island.

Rotary said that it secured various contracts worth about S$10 million for among others, maintenance, and scaffolding and insulations works.

Said Roger Chia Kim Piow, chairman and managing director of Rotary: "While investment in oil and gas exploration and production has taken a hit along with low oil prices, there continues to be demand for upgrading and maintenance works for brownfield plants."

The diverse nature of the new contracts secured demonstrates the group's capability to execute projects requiring multi-disciplinary engineering skills beyond tank storage construction and reinforces its resilience to the oil and gas slump, Rotary said in a filing to the Singapore Exchange.