The Board of Directors of WSC is pleased to announce that its joint venture pipe coating business unit namely, Bayou Wasco Insulation, LLC (“Bayou Wasco”) has been awarded a sub-contract valued at approximately USD74.0 million for the provision of insulation coating protection for deep water, offshore insulation project in the Gulf of Mexico.
Bayou Wasco is a joint venture between Wasco Coatings UK Ltd. (“Wasco UK”), the Company’s indirect wholly-owned subsidiary and a subsidiary of Aegion Corporation (“Aegion”). Wasco UK holds 49% equity interest in Bayou Wasco.
The sub-contract work involves the provision of insulation coating protection for the deepwater portion of a undersea pipeline which is the core business of the WSC Group. The risks are the normal operational risks associated with provision of pipe coating and insulation services.
The sub-contract work is expected to contribute positively to the earnings of WSC Group. The sub-contract work is project specific and is not renewable.
None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the sub-contract.
OTHERS WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC") - AWARD OF SUB-CONTRACT FOR THE PROVISION OF INSULATION COATING PROTECTION FOR DEEP WATER, OFFSHORE INSULATION PROJECT IN THE GULF OF MEXICO
Wah Seong (Neutral, TP: RM0.90): Expands building materials business into Sabah. Wah Seong Corp is expanding its building materials, industrial equipment and machinery business into Sabah by forming a JV with Sabaconcrete SB, a Sabah-based company involved in ready mixed concrete supply and transportation. Wah Seong said its wholly-owned unit Syn Tai Hung Trading SB will own 70% of the JV company and Sabaconcrete the balance 30%. (Financial Daily)
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travoltakeong
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Posted by travoltakeong > 2016-03-18 09:25 | Report Abuse
Resistance Level (R3) = 0.7617
Resistance Level (R2) = 0.7533
Resistance Level (R1) = 0.7467
Pivot Point = 0.7383
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Resistance level on 15/03/2016 have become support level
Support Level (S1) = 0.7317
Support Level (S2) = 0.7233
Support Level (S3) = 0.7167