Two Nordic Group subsidiaries bag contract renewals worth $7.7m

It’s with oil majors and a global healthcare company.

Nordic’s subsidiaries Multiheight Scaffolding (MHS) and Austin Energy (AE) have bagged renewed maintenance contracts with several repeat customers. The contracts are renewed for one to two years, and are estimated to generate revenue of about $7.7m.

According to Nordic, the customers comprise oil majors in the petrochemical industry, as well as a global healthcare company in the pharmaceutical industry.

In addition to the renewed contracts, both MHS and AE are negotiating with customers in the petrochemical and pharmaceutical industries on the renewal of other maintenance contracts.

Nordic stated that it expects the deals to contribute positively to; but not have material impact on its net tangible assets and earnings per share for the current financial year.