Destini bags RM21mil contract
PETALING JAYA: Destini Bhd has bagged a US$5.2mil (RM21.17mil) contract from Posco Daewoo Corp (PDC) for the provision of tubular running services (TRS) in Myanmar.
South Korea’s PDC began its offshore gas field project in Myanmar in 2000 and started commercial production in 2013.
Destini has had a foothold in Myanmar since 2012. Its first job was to provide TRS services to Petronas Carigali Sdn Bhd (PCSB) and it has completed a number of offshore projects.
Currently, Destini is commissioning two other land and offshore exploration-related contracts with PCSB and its subsidiaries.
Destini president and group CEO Datuk Rozabil Abdul Rahman said the award of the contract reinforced Destini’s position as a global TRS provider, and it plans to consolidate its position in Myanmar by bidding for more projects in the country.
In the second quarter ended June 30, Destini recorded a net profit of RM5.6mil on a turnover of RM149.1mil, which is lower than the RM6.1mil net profit on a revenue of RM163mil registered in the corresponding period last year.