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Boustead bags RM1.1b in-service support contract for navy submarines
Boustead Heavy Industries Corporation Bhd (BHIC) has clinched an in-service support 2 performance-based contract for the Royal Malaysian Navy (RMN) Prime Minister Class Submarines worth RM1.1 billion. — Picture by Yusof Mat Isa

KUALA LUMPUR, June 12 — Boustead Heavy Industries Corporation Bhd (BHIC) has clinched an in-service support 2 performance-based contract for the Royal Malaysian Navy (RMN) Prime Minister Class Submarines worth RM1.1 billion.

The maritime and defence solutions provider said its wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has accepted the letter of award from the Ministry of Defence dated June 5, 2024, awarding the contract to BSES.

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"A formal contract between the government of Malaysia and BSES will be finalised and executed at a later date,” it said in a filing with Bursa Malaysia today.

BHIC said the contract will contribute positively to the group’s earnings for the financial year ending Dec 31, 2024. — Bernama

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