BHB Gets Scorpene Submarines Deal Extension

Boustead Holdings Berhad (BHB) accepted a Letter of Acceptance from the Government of Malaysia (GoM) related to previously awarded Scorpene Class Submarines Deal.

This new agreement approved an additional ceiling contract value of USD 143,1 million (RM531,2 million), and extended the contract period from 30 November 2015 to 31 May 2017.

To remind, on 13 August 2010, BHB announced that it received a Letter of Award from the Government by Boustead DCNS Naval Corporation Sdn Bhd to undertake In-Service Support for two units of Prime Minister’s Class Scorpene Submarines for the Royal Malaysian Navy for a total contract sum of EUR193 million and RM532 million.

The Letter of Acceptance, dated 3 March 2015, was received and accepted on 30 March 2015.

The Contract will not have a material effect on the earnings of BHB.

Image: Wikimedia/Mak Hon Keong

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