Boustead, DCNS Joint Venture Bags Malaysian Submarine Refit Contract

Boustead DCNS Naval Corporation (BDNC) has won a contract to refit the Royal Malaysian Navy's two Scorpène-class diesel-powered attack submarines.

The BDNC is a joint venture between Malaysia's Boustead Heavy Industries Corporation (BHIC) Defence Technologies and French shipbuilder DCNS. 

The award was announced by BHIC Defence Technologies in a filing lodged with the Malaysian stock exchange on 16 November.

The project is said to be valued at a total dual currency contract price of EUR169.8 million (USD181 million) and MYR432.4 million (USD98 million).

The contractual REFIT period for each submarine is 18 months from the respective start date for the relevant submarine REFIT.

The LOA will have a material effect on the earnings of BHIC Group for the financial year ending 31 December 2015, and will contribute positively to its future earnings.

This announcement is dated 16 November 2015.