BHIC gets three-year extension to service Navy’s helicopters

RMN Fennec. Source: Airbus Helicopters 

KUALA LUMPUR: Boustead Heavy Industries Corp Bhd’s (BHIC) subsidiary BHIC AeroServices Sdn Bhd has received a three-year extension worth an additional RM30.8mil on its in-service support (ISS) contract for six Royal Malaysian Navy’s Fennec AS555SN helicopters.

BHIC told Bursa Malaysia that BHIC AeroServices previously had a three-year contract totaling RM32.4mil, expiring last month, and the consideration under the letter of agreement (LOA) and extended LOA had been revised to RM63.2mil.

The ISS contract extension is effective from Feb 7, 2016.

BHIC AeroServices is a joint venture between BHIC’s unit BHIC Defence Technologies Sdn Bhd (51%), Prestige Pillar Sdn Bhd (30%) and Airbus Helicopters Malaysia Sdn Bhd (19%).

BHIC shares were last traded on Monday at RM1.80.