Malaysia Marine and Heavy Engineering (MMHE) has secured a RM1bn ($226.7m) contract of central processing platform (CPP) for the Bokor Phase III redevelopment project by Petronas Carigali.  

The engineering, procurement, construction, installation and commissioning (EPCIC) contract was awarded through a competitive bidding process. 

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The company expects that the first steel-cut will start in the third quarter of next year and the project is slated for completion during the second quarter of 2020.

After completion, the new CPP will be installed at the Bokor field situated in Baram Delta, offshore Sarawak in 70m water depth.

MMHE is a wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (MHB).

"Last year, MMHE reported a net loss of $30.4m."

MHB said it implemented several cost cutting strategies, efficiency initiatives, combined with management focus on the heavy engineering business. The contract is expected to contribute to its future revenue.

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Last year, MMHE reported a net loss of RM134.3m ($30.4m), with RM119.7m ($27.1m) recorded in the final quarter of 2016. 

Losses were primarily due to limited contributions from the heavy engineering segment and net foreign-exchanges, reported Thestar.com. 

The company's annual revenue also decreased by 51.5%. However, the marine segment reported higher profit compared with 2015.