PEC said that it has secured contracts from ExxonMobil for amendments to two existing contracts for the provision of maintenance services. Pursuant to such amendments both contracts has been extended for a five year period until 2Q 2015.Whilst the actual value of the maintenance works under the two contracts will depend on the amount and scope of work to be carried out.
As at end-Mar 2010, the Group's order book for on-going and new project works was approximately S$300m which excludes any revenue from the above Rotterdam project secured by our 50/50 joint venture. The stock currently trades at an undemanding 5x FY10 and 6.3x FY11 PER, based on Bloomberg estimates.
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