Malaysia: Boustead Heavy Industries Nets $19M Submarine Facilities Upkeep Deal

Malaysia’s Boustead Heavy Industries has won a deal for submarine facilities upkeep for the Royal Malaysian Navy.

The company said Thursday that it had on April 21, accepted the Letter of Acceptance dated April 7, 2021, from the Ministry of Defence Malaysia representing the Government of Malaysia, related to the submarine facilities work.

The contract value is RM78,141,440.00 (~around $19million) for a contract period of twenty-four months from January 1, 2021, until December 31, 2022. A formal contract between the Government of Malaysia and BSES will be finalized and executed at a later date.

"The Contract will contribute positively to the earnings of the BHIC Group for the financial year ending 31 December 2021," Boustead Heavy Industries said, without providing further details.