Singapore’s Mencast Holdings Ltd (the Company) announced Monday that its wholly-owned subsidiary, Unidive Marine Services (Malaysia) Sdn Bhd (Unidive Malaysia) was awarded a three year Contract extending from Sept. 1, 2013 to Aug. 31, 2016 by Shell Refining Company (Federation of Malaya) Berhad (Shell Refining Company) for the provision of MRO (maintenance, repair and overhaul) related diving services such as underwater inspection and maintenance for Single Buoy Mooring and marine facilities, which includes diving vessel support.
Under the Contract, Unidive Malaysia will provide services to Shell Refining Company at pre-agreed rates. The actual amount of future services required under this Contract cannot be estimated accurately at this time and as such there is no fixed value stated in the Contract.
“Our strategy to grow our revenue base in the MRO sector within the offshore sector and into the region is progressing well”, said Mencast’s Executive Chairman Glenndle Sim “The Shell Refining Company contract further extends our portfolio of long term contracts from blue chip clients within Singapore and the region.”
The Contract is expected to contribute positively to, but has no material impact on, the earnings per share and net tangible assets per share of the Company and its subsidiaries for the current financial year ending Dec. 31.
None of the Directors has any interest, direct or indirect, in the contracts. As far as the Directors are aware, none of the controlling shareholders of the Company has any interest, direct or indirect, in the contract.