The board of directors (the “Board”) of Kim Heng Ltd. (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce that its wholly-owned subsidiaries, Kim Heng Marine & Oilfield Pte Ltd (“KHMO”), Khan Hin Engineering Pte Ltd (“KHE”) and its 49% owned subsidiary Bridgewater Marine (Taiwan) Limited (“BMT”) have been awarded multiple contracts totalling US$35 million comprising of new builds and sale of various existing marine and land-based marine assets (“Contracts”).
The Contracts were awarded to KHMO, KHE and BMT by established construction companies in Taiwan amounting to approximately US$17.3 million, US$14.6 million and US$3.1 million respectively.
Under the Contracts, KHMO and KHE will provide design, engineering and shipbuilding for the new vessel builds.
The Contracts are expected to be completed by the fourth quarter of 2023.
“The Group remains well positioned and equipped with land-based marine assets and offshore vessels that enable us to leverage our knowledge in the offshore renewable industry throughout Asia and the United States of America to support the global energy transition towards a sustainable future”, said Mr Thomas Tan, Executive Chairman & CEO of the Group.
Barring unforeseen circumstances, the abovementioned contracts are expected to contribute positively to the Group’s earnings per share and net tangible assets for the financial year ending 31 December 2022 and 31 December 2023.
None of the directors, controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the abovementioned contract, save for their shareholdings in the Company (if any).
