SINGAPORE (Dec 19): BH Global Corporation, recently won contracts for the supply of cables for a FPSO (floating production storage and offloading vessel) project and the supply of LED lighting systems worth a total of $7.6 million.
The FPSO offshore cables supply contract was secured by Beng Hui Marine Electrical (BHM), the supply chain division of BH Global.
The group is also securing more orders for LED lighting systems. BH Global’s new LED factory in Kunshan was completed in 4Q18 and will commence production in 2019.
“BHM’s proprietary ‘Save Our Planet’ (SOP) LED lightings continues to see a rise in customer take up rates contributing to 25% year-on-year growth,” says BH Global in its filing.
The group adds that in its recently completed Yangon Port Terminal project, the group’s SOP corrosion-resistant floodlights for use in the marine industry achieved energy savings of 80% compared to conventional lightings.
The contract wins are expected to be delivered in 2019.
Vincent Lim, CEO of BH Global, says, “We look forward to continuing this order-winning momentum as we rebuild our position coming out from the decline in the marine and offshore industry. It has been a trying couple of years but we continue to see encouraging results alongside the recovery in the industry that is underway. Prospects for our LED design and manufacturing business has also improved now that our new factory in Kunshan has been completed, and we hope to ramp up its production in due time.”
Year to date, shares in BH Global are down 36% to close at $1.38 on Wednesday.