SERBA Dinamik Holdings Bhd is not resting on its laurel as the company wants to show shareholders and investors that it remains BAU (business as usual) for the global integrated oil & gas (O&G) service provider.
Despite economic challenges posed by the COVID-19 health crisis, the company through its Malaysian and Indonesian subsidiaries has recently secured 15 contracts in the areas of operations & maintenance (O&M) and engineering, procurement, construction and commissioning (EPCC).
Of the 15 contracts, eight with specific value are valued at US$67.7 mil (RM286.3 mil), according to the company’s latest Bursa Malaysia filing.
Through PT Serba Dinamik Indonesia (PT SDI), a 75%-owned subsidiary of Serba Dinamik International Ltd (SDIL), a wholly-owned subsidiary of Serba Dinamik Group Bhd (SDGB), the company has secured three O&M contracts in Indonesia as follows:
- Provision of operational assistance workforce services for the production operations division of Subang Field for client PT Pertamina EP (April 1, 2021 till June 20, 2023);
- Provision of workforce support services to assist in the production operation function of the Samberah Area in the PT Pertamina EP Asset 5 Sangatta (April 1, 2021 till June 20, 2023);
- Provision of micro turbine generator spare parts for Saka Energi Muriah Ltd (April 30, 2021 till April 29, 2024).
Through SDIL, the company has secured one EPCC contract, namely that of EPCC for the 57.3 megawatt (MW) Myagdi Khola Hydropower project in Nepal’s Gandaki Province (June 1, 2021 till May 31, 2024).
Moreover, through Serba Dinamik Sdn Bhd (SDSB), a wholly-owned subsidiary of SDGB, the company has secured the following contracts with specific value:
- Engineering, procurement, installation and commissioning of 55 units of EVC (electronic gas volume corrector) for existing service station (EVC Phase 1 2021) for Gas Malaysia Distribution Sdn Bhd (April 13 till Dec 21, 2021);
- Engineering, procurement, installation and commissioning of Automated Meter Reading (AMR) system Phase 2 for Gas Malaysia Distribution (April 19 till Oct 18, 2021);
- EPCC of service station SS/FD/DR Phase 2 2021 (15 units) for Gas Malaysia Distribution (May 5 to Oct 27, 2021).
- EPCC of service station SS/FD/DR Phase 3 2021 (seven units) for Gas Malaysia Distribution (June 30 till Dec 22, 2021)
“This contract wins are good evidence that our operational business is still in a good shape in regardless of challenges the company is facing on the corporate front,” commented Serba Dinamik’s chairman Datuk Ilyas Mohamed.
“Backed by our good track record, we are optimistic that Serba Dinamik has strong capability to deliver those 15 projects while ensuring that they contribute to the company’s revenue stream.”
Below are the seven O&M contracts with no specific value sealed by SDSB:
- Long-term mechanical repair works service agreement with Kapar Energy Ventures Sdn Bhd (Jan 25, 2021-Jan 24, 2023);
- Provision of general manpower supply and repair maintenance for rotating equipment (PUMP) for Regas Terminal (Sg Udang) Sdn Bhd (Feb 1, 2021-Sept 30, 2022);
- Umbrella contract for the design, supply, installation, testing, commissioning of LPG (liquefied petroleum gas) bulk facilities equipment at Petronas Dagangan Bhd’s LPG customer locations (Feb 10, 2021 till Feb 9, 2024);
- Supply material, fabrication, blast & paint and site removal of old tank and installation of new T7002 tank for Shell MDS (M) Sdn Bhd (June 1, 2021 till Dec 31, 2021)
- Provision of onsite pressure vessel repair for Block B-17 & C-19 snd Block B-17-01 for Carigali-PTTEPI Operating Company Sdn Bhd (June 29, 2021 till June 28, 2024);
- Provision of mechanical, tank and civil maintenance services for Shell MDS (M) Sdn Bhd (Aug 15, 2021 till Aug 14, 2025);
- Piping construction and mechanical services for AIA plant changes for Shell MDS (M) Sdn Bhd (Aug 15, 2021 till Aug 14, 2025).
At the close of today’s trading, Serba Dinamik was down half sen or 1.23% to 40 sen with 70 million shares traded, thus valuing the company at RM1.49 bil. – Aug 11, 2021
