The contract is valued at US$68.5 million, PECD said in a statement to Bursa Malaysia on Oct 12.

It said GNPOC will provide an advance of 15 per cent of the contract value to PCSB against a bank guarantee.

The contract is for a duration of 32 months from the contract's commencement date, the statement said.

This includes 20 months for construction works and 12 months for defect liability.

PECD said the contract is not expected to have any material effect on its earnings for the financial year ending 31 December 2005.

However, it is expected to contribute positively to the future earnings of PECD Group.