Beng Kuang Marine has secured two new purchase orders with an aggregate value of approximately $28.6 million for tank services on two floating production storage and offloading vessels operating in West Africa.
The contracts, valued at approximately $13.2 million and $15.4 million, are expected by the company to be executed over the next 12 months.
These awards convert a significant portion of the advanced-stage workload previously disclosed by the company into its secured order book.
Before securing these contracts, its wholly-owned subsidiary, Asian Sealand Offshore and Marine, had reported approximately $18 million of confirmed order book alongside a pipeline of advanced-stage work scopes awaiting formal purchase orders.
Following shareholder approval at an extraordinary general meeting on May 26, the company completed the acquisition of a 49 per cent equity stake in Asian Sealand Offshore and Marine on May 28. This transaction increased the ownership of Beng Kuang Marine in the subsidiary to 100 per cent.
Chief Executive Officer Yong Jiunn Run highlighted that these awards demonstrate that underlying demand remains intact for the region.
"The group had previously highlighted that certain offshore projects in West Africa were affected by scheduling and execution timing considerations rather than softened market demand," Yong said.
The company stated that tank services and maintenance activities represent an essential early phase of its multi-year life extension programmes. It added that these contracts are expected to contribute positively to financial performance over their duration.
