KUALA LUMPUR (May 23): Destini Bhd rose 4.44% in active trade this morning after the integrated engineering solutions provider, clinched a two-year oil and gas contract to provide a tubular running services in Pakistan, worth US$8 million or RM31.76 million.
At 9.13am, Destini rose 1 sen to 23.5 sen with 4.66 million shares done.
The contract — awarded by Lyallpur Oil Tool Pvt Ltd (LOT) to its wholly-owned Destini Oil Services Sdn Bhd — spans from July 1, 2018 to June 30, 2020 and comes with a one-year extension option.
Destini will provide specialised oilfield equipment and experienced expatriate personnel for LOT to execute tubular running services.
The award is one step for Destini to build its oil and gas presence in the Middle East, in line with the group’s aim for geographical expansion and an increase in contribution from its commercial businesses.