| Type | Announcement |
| Subject | OTHERS |
| Description |
LETTER OF AWARD |
The Board of Directors (“the Board”) of KKB Engineering Berhad (“KKB”) is pleased to announce that its subsidiary, OceanMight Sdn Bhd (“OMSB”) has accepted and signed a Letter of Award of the PETRONAS Frame Agreement (“Contract”) for The Provision of Engineering, Procurement and Construction (EPC) of Fixed Offshore Structure Works (“Work”) by PETROLIAM NASIONAL BERHAD (“PETRONAS”).
With the award of the Frame Agreement by PETRONAS, OMSB will be qualified as one of PETRONAS’ Contractors to bid for the said Work. A formal contract shall be executed within Three (3) months from acceptance of the said Letter of Award.
DURATION OF CONTRACT
The Contract is effective from 12 December 2018 and continue for a period of six (6) years, unless terminated earlier.
FINANCIAL EFFECTS
The Contract will have no effect on the Share Capital of the Company and is expected to contribute positively towards the earnings and net assets of the Company and Group for the duration of the Contract.
RISK FACTORS
Risk factors affecting the Contract include execution risks such as availability of skilled manpower and materials, changes in pricing, weather conditions and/or political, economic and regulatory conditions.
DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders and/or person connected with them has any interest, direct or indirect in the abovementioned Contract.
DIRECTORS’ STATEMENT
The Board is of the opinion that the abovementioned Contract is in the best interest of KKB and its Group.
This Announcement is dated 7 January 2019.
| Company Name | KKB ENGINEERING BERHAD |
| Stock Name | KKB |
| Date Announced | 07 Jan 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-07012019-00017 |
