SINGAPORE (Aug 22): Boustead International Heaters (BIH) has secured a $100 million contract for a major energy infrastructure development in Europe.

The contract involves the design, engineering and supply of waste heat recovery units in the oil and gas industries.

BIH is the largest subsidiary in the energy-related engineering division of SGX mainboard-listed Boustead Singapore.

With the latest contract, Boustead Singapore’s order book backlog has been raised to $823 million.

The energy-related engineering division’s order book backlog has also doubled from its last reported value.

CEO of Boustead Wong Fong Fui says, “While the global O&G recession appears to have bottomed out, our recent success comes during a time when highly challenging and competitive market environment conditions remain.”

“Since the start of FY20, our Energy-Related Engineering Division has captured a total of over S$161 million in new contracts across major energy developments in Africa, Asia, Europe and North America, setting us in a good position for FY20 and beyond,” he adds.

Shares at Boustead Singapore closed 0.5 cent higher at 72 cents on Thursday prior to the announcement.