KUALA LUMPUR: KENCANA PETROLEUM BHD [] shares rose on Wednesday, March 30 after it secured a RM216 million contract from Petrofac Malaysia Ltd for the CONSTRUCTION [] of well head platforms for the Cendor oil field off the coast of Terengganu.
At 9.15am, Kencana was up seven sen to RM2.65 with 2.26 million shares done.
Kencana said on Tuesday, March 29 that its unit Kencana HL Sdn Bhd would undertake the engineering, procurement and construction of two units wellhead platforms''for the Cendor Phase 2 Development Project.
It said the contract was a one-off construction contract and expected to be completed within the second quarter of 2012.
Kencana said the contract was expected to contribute positively to its earnings for the financial years ending July 31, 2011 and 2012.
At 9.15am, Kencana was up seven sen to RM2.65 with 2.26 million shares done.
Kencana said on Tuesday, March 29 that its unit Kencana HL Sdn Bhd would undertake the engineering, procurement and construction of two units wellhead platforms''for the Cendor Phase 2 Development Project.
It said the contract was a one-off construction contract and expected to be completed within the second quarter of 2012.
Kencana said the contract was expected to contribute positively to its earnings for the financial years ending July 31, 2011 and 2012.
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