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Serba Dinamik bags 13 local and Middle East O&M contracts

KUALA LUMPUR (Oct 25): Serba Dinamik Holdings Bhd, whose share price hit a record high of RM4.23 last week, has secured a total of 13 operations and maintenance (O&M) contracts worth an aggregate sum of at least RM512.17 million.

In an exchange filing today, the group said four contracts were awarded to its wholly-owned subsidiary Serba Dinamik International Ltd (SDIL) for O&M works in the Middle East.

These contracts, with a combined estimated contract value of RM512.17 million, will commence next month.

Of the four contracts, SDIL will be providing one-year specialist services on turbo machinery for Halul Offshore Services Company WLL in Qatar, and maintenance services on rotating machinery and instrument systems in operation areas for Al-Meer Technical Services Co in Kuwait.

It will also maintain, repair, and overhaul pressure testing, safety relief valve, and other associated rotating equipment for Midad Industrial Services Saudi Arabia and SUMTECH Multiline Trading LLC in United Arab Emirates, for two years ending September 2020.

Additionally, the group said its wholly-owned Serba Dinamik Sdn Bhd (SDSB) has secured nine local contracts on a “call-out” basis.

These contracts have no specific value, as work orders will be awarded at the discretion of the respective clients based on their activities schedules and rates throughout the contract duration ranging from one to three years.

Some of the contracts commenced as early as June this year.

Seven of them were awarded by units and joint venture companies under the Petronas group, and one contract each from Sapura Exploration & Production Inc and JX Nippon Oil & Gas Exploration (Malaysia) Ltd.

According to the filing, SDSB is to provide manpower equipment, tolls, transportation and consumables for rotating work services, weir gas compressors, and other services such as cleaning and testing of vessels, weather forecast, as well as utilities, interconnecting, offsite (OUI) facilities.

Serba Dinamik said the contracts secured are expected to contribute positively to the group’s earnings for current financial year ending Dec 31, 2018.

Serba Dinamik’s share price retreated from its record high of RM4.23 this week. The stock gained five sen to RM3.95 today, giving it a market capitalisation of RM5.8 billion. The company was listed on Bursa Malaysia on Feb 8 with an initial public offer price of RM1.50.