<figure id="attachment_3227689" aria-describedby="caption-attachment-3227689" style="width: 1600px" class="wp-caption aligncenter"><img loading="lazy" class="wp-image-3227689 size-full" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/85bd8c3c-logo-wasco-ressize-041225.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-3227689" class="wp-caption-text">Wasco Bhd’s first sizeable contract win this year lifts its outstanding orderbook past the RM3 billion mark.</figcaption></figure>
PETALING JAYA: Oil and gas (O&amp;G) services provider Wasco Bhd rose to its highest level in nearly a year after clinching a contract valued at up to US$200 million (RM826 million).
Despite the lukewarm prospects of the energy sector, research houses see its recent job replenishments as positive for its revenue and earnings sustainability.
Wasco’s shares were up as much as six sen or 6% to RM1.09, its highest level since January this year. It closed 2% higher at RM1.05, valuing the group at RM813.6 million.
The stock has risen in seven of the past eight trading sessions, adding over 20% to its value. Investor sentiment has been boosted recently by positive results in its latest quarter and the spin-off listing of its renewable unit Wasco Greenergy Bhd.
The company formerly known as Wah Seong Corp Bhd announced yesterday a contract for the fabrication and assembly of modules, which is expected to bring in a revenue of between US$150 million and US$200 million.
It said in an exchange filing the contract was awarded to its Singapore-based unit WS Engineering &amp; Fabrication Pte Ltd by Technip Energies Italy SpA. The work and services under the contract are expected to be completed in 37 months.
Public Investment Bank (PublicInvest) said the contract represents its “first sizeable win” this year and lifts total year to date contract wins to approximately RM2.6-RM2.9 billion.
This brings Wasco’s outstanding orderbook past the RM3 billion mark, rising to RM3.2-RM3.4 billion, a level not seen since Q3 FY2024, it said in a note today.
Orderbook recovery
It said the latest contract signals a clear recovery in Wasco’s orderbook after four consecutive quarters of weak replenishment at average of RM370 million.
The slowdown was largely attributed to escalating trade tensions, which created market volatility and delayed investment decisions by major customers, it noted.
“We view this award as improving medium term earnings visibility and supports Wasco’s strategic pivot toward low-carbon energy infrastructure,” added PublicInvest, which revised its FY2025-2027F earnings forecasts higher by 6%.
The bank maintained its “hold” call with an unchanged target price of RM1.03.
Wasco, which has a presence in over 14 countries, provides services and products to the oil and gas, petrochemical, and agro-industrial sectors.
The company was established in the late 1990s by the Tan family, which also founded major property developers IGB Bhd and Tan &amp; Tan Developments Bhd.
Wasco’s non-executive chairman is Robert Tan Chung Meng, the son of the company founder, the late Tan Kim Yeow.
Robert has a 1.5% direct stake in the company, and a deemed interest of 41.2% via several of the Tan family investment vehicles, as of March this year.

MatchPoint Times

Wasco rises after bagging US$200mil contract

Oil and gas services firm’s shares up 6% to its highest level in a year after clinching a contract from an Italian company.

Bung in critical condition

Bung Moktar di hospital, dalam keadaan kritikal