Quick take: Destini surges 31% on new contract win

KUALA LUMPUR: Destini Bhd, which jumped 31%, is the most traded stocks in early trade on Thursday after securing a contract from Sarawak Shell Bhd.

The counter jumped 31.37%, or eight sen to 33.5 sen, its highest since last August with 101 million shares traded.

A unit of Destini Bhd has been awarded a contract for the provision of tubular handling, conductor installation and slot recovery equipment and services by Sarawak Shell Bhd under the the Pan Malaysia Petroleum Arrangement Contractors’ (PAC) Operators Drilling Programme.

The total value of the contract awarded to Destini’s wholly-owned unit Destini Oil Services Sdn Bhd (DOS), depends on work orders to be issued.

Under the contract, DOS is to be the primary contractor for tubular handling, conductor installation and slot recovery for shallow water.

In addition, DOS was appointed to be the secondary contractor for tubular handling equipment and services for deep water.

Source : TheStar