ExxonMobil and PEC ink 5-year tankage maintenance deal

Contract adds to group’s recurring income stream as it remains committed to deliver timely and cost-efficient engineering solutions to clients.

PEC Ltd. (“PEC”, and together with its subsidiaries, associated companies and joint venture companies, the “Group”), which provides engineering, procurement & construction (“EPC”) and plant maintenance solutions to the oil & gas, petrochemical, terminal and pharmaceutical industry, announced that it has been awarded a tankage maintenance and repair services contract in Singapore from oil & gas company, ExxonMobil Asia Pacific Pte Ltd (“ExxonMobil”).

Effective for five years beginning September 2011, the contract involves the provision of maintenance of storage tanks and repair services at ExxonMobil’s Jurong Refinery, Pulau Ayer Chawan (PAC) Refinery and Singapore Chemical Plant.

Commenting on this latest award, Mr Robert Dompeling, Group CEO, said, “The Group is pleased with this win as it comes at a time when the operating environment continues to be challenging, according to a PEC report.

This contract award will not only add to the Group’s recurring income stream but it also reflects the market’s confidence in PEC as a reliable and trusted engineering solutions provider. The Group remains committed to provide and deliver timely and cost-efficient solutions to our clients.”

PEC was named on Forbes Asia’s “Best Under a Billion” List, a well-tracked ranking of Asia Pacific’s best performing companies with annual sales of between US$5 million and US$1 billion. Besides being amongst Forbes Asia’s top 200 companies in this study, the Group was also one of only six companies from Singapore who made the list.

Whilst the actual value of the maintenance works will depend on the amount and scope of work to be carried out, barring any unforeseen circumstances, the Company expects a positive contribution to its earnings and financial performance for the financial year ending 30 June 2012 from this contract.

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