"We like its strong delivery track record, which we think puts it in a position to benefit from new fabrication jobs from Petronas and its PSC (production-sharing contract) contractors," it said in a report yesterday.
OSK Research added that the company's current orderbook would probably now increase to RM1.8 billion, while its tenderbook should be replenished back to about RM2 billion.
This is taking into account the announcement that Kencana Petroleum's unit had secured a contract from Houston, US-based Newfield Peninsula Malaysia Inc for the provision of procurement and construction of topsides.
The contract, valued at about RM201.1 million, will involve procurement and construction of a wellhead platform topside, central processing platform topside, living quarters and bridge for PM329 East Piatu Development Project, located offshore Peninsular Malaysia.
"We are keeping our financial year 2010 and 2011 forecasts unchanged as the new job order is within the orderbook replenishment guidance from management. In fact we are looking at a revenue of close to RM2 billion for financial year 2011," it added.
- by Business Times
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