Muhibbah Engineering (M) Bhd has secured a contract from PETRONAS Carigali Sdn Bhd to carry out minor engineering, procurement and construction (EPC) works for wellhead platforms under the Sepat Integrated Redevelopment Project offshore Terengganu.
In a filing with Bursa Malaysia, the group said the offshore project, located northeast of Kuala Terengganu, is valued at between RM700 million and RM850 million. The contract is scheduled to commence in December 2025 and is expected to be completed by the first quarter of 2029.
Muhibbah said the contract is expected to contribute positively to the group’s earnings and net assets over the duration of the project, with no impact on its share capital or shareholding structure.
The award continues Muhibbah’s track record with PETRONAS Carigali. In November 2023, the group secured a RM318 million contract as consortium lead for the Gansar project offshore Terengganu, following an earlier RM322 million contract awarded in December 2022 for works related to the same project.
Shares in Muhibbah closed half a sen higher, or up 1%, at 50.5 sen on Thursday, giving the group a market capitalisation of RM366.6 million. The stock has declined 36.1% year to date.
