KUALA LUMPUR (June 1): Eversendai Corp Bhd’s wholly-owned unit Eversendai Offshore has secured two European offshore wind renewable energy (RE) projects worth a total of RM186 million combined from Petrofac Ltd.
This brings its outstanding construction order book to an all-time high of RM2.88 billion, according to the company’s statement today.
The first project is to fabricate and construct an offshore wind substation platform topside, jacket and piles for an offshore wind farm in the UK, while the other project is to fabricate and construct jacket and piles for the Hollandse Kust Zuid (HKZ) Beta offshore wind substation platform for TenneT in the Netherlands.
These projects will be executed in Eversendai’s waterfront fabrication yard in RAK Maritime City, Ras Al Khaimah, the United Arab Emirates.
The scope of work for the UK offshore wind farm substation project includes engineering, fabrication, construction, sea- fastening and loadout of the offshore substation platform topside, jacket and piles including HVAC, architectural and mechanical completion as well as pre-commissioning of the substation platform topside, said Eversendai.
Eversendai said this offshore wind substation will be the highest capacity in the world, and it is expected to generate clean energy that will be enough to power approximately one million homes in that region.
The scope of work for HKZ Beta for the Netherlands project, on the other hand, includes engineering, fabrication, construction, sea-fastening and loadout of the jacket and piles.
“This diversification into the offshore wind renewable energy sector continues to promote our diversification efforts of growing our business into industries that leverage on our fabrication facilities and core expertise in engineering, fabrication and construction,” said Eversendai Offshore chief executive officer Narish Nathan.
Eversendai envisages the offshore wind RE projects to be a substantial contributor to the group’s revenue and profits moving forward and these newly secured projects will further add value to the group’s track record for future projects which are currently being bid.
At noon break today, shares in Eversendai were down 0.5 sen at 26.5 sen, valuing the company at RM210.87 million. Over the past year, the counter has fallen some 35% from 41 sen.