Scomi jumps on RM2.1b O&G contract

Shares of Scomi Group Bhd rose as much as 10.6 per cent after the company secured a RM2.1 billion contract to provide drilling fluids and barites materials, equipment and services to Petronas Carigali Sdn Bhd.

As of 9.17am, shares of the Malaysian oilfield services and energy logistics company were up 9.09 per cent at 36 sen, outperforming the benchmark stock index’s 0.16 per cent rise. It is the most active stock in the local bourse.

"The award of the tender... is expected to contribute positively towards the earnings and net assets per share of the company for the financial years ending March 31, 2013 to 2018," Scomi said in a local stock filing on Thursday evening.

Petronas Carigali is a unit of Malaysia’s state oil firm Petroliam Nasional Bhd, which finances nearly half of the Southeast Asia nation’s government budget.-- Reuters