Rotary Engineering Secures S$65m Of New Contracts Amidst Challenging Business Environment
SINGAPORE, Feb 18 – Mainboard-listed Rotary Engineering Ltd (SGX:RTRY,ROTE) and its subsidiaries (“Rotary” or the “Group”), a leading regional oil & gas engineering, procurement, construction (“EPC”) and maintenance services value chain provider, today announced that it has secured contracts worth approximately S$65 million for the period November 2015 to early February 2016.
The diverse nature of the new contracts secured demonstrates Rotary’s capability to execute projects requiring multi-disciplinary engineering skills beyond tank storage construction and reinforces its resilience to the oil and gas slump. One of the new contracts was for a S$19 million jetty and its topside in Jurong Island. In addition to the civil engineering work for the jetty, the work on its topside included marine loading arms, firefighting facilities, and E&I (electrical and instrumentation) works.
The Group also secured two contracts worth S$33 million involving piping, mechanical, civil, and E&I work in Jurong Island. Mr. Roger Chia Kim Piow, Chairman and Managing Director of Rotary said, “The contract wins reflect customers’ confidence in our capabilities and track record. We will continue to position Rotary for resilient growth amidst challenging market conditions.”
Rotary also secured various contracts worth about S$10 million for among others, maintenance, and scaffolding and insulations works. Mr Chia said the investment in oil and gas exploration and production has taken a hit along with low oil prices, there continues to be demand for upgrading and maintenance works for brownfield plants.
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