Galfar Engineering & Contracting (GECS.OM)

Galfar Engineering & ContractingGalfar’s top three contracts, all from the governmentEstimated backlogvalue of OMR 65mnVacuum sewers network and ancillary works, A'Seeb coastal stripIn February 2008, Galfar was awarded an OMR 86.9mn contract from Oman WastewaterServices Company (OWSC) for the construction of sewers networks and various ancillaryworks for wastewater treatments along A'Seeb coastal strip. OWSC is a fully ownedgovernment entity operating under the Ministry of Finance. This award is one of severalwithin this project aimed at upgrading the water utilities structures along the Seeb area.The expected completion date of this project is Q3 11. Based on our estimates almost26% of the contract work was completed as of FY 09-end.A'Seeb coastal stripContract detailsContract nameVacuum sewers network and ancillary worksContract valueOMR 86.9mnCurrent backlog estimateOMR 64.7mnExpected completion date Q3 11Client nameOman Wastewater Services Co./Ministry of FinanceSource: Galfar, SHUAA CapitalSecond phase ofa new airportRas Al Hadd Airport contractGalfar secured in February 2010 an OMR 40.5mn contract for the construction of thesecond phase of the new Ras Al Hadd Airport in Al Sharqiah region. The Ministry ofTransportation and Communication already awarded the first phase of the project to thelocal Desert Lines Projects back in H2 2008. Galfar's scope of work entails area levellingin addition to the construction of a four kilometer -long runway, fuel hydrant and otherfacilities. The project is expected to be completed towards the second half of 2011. Theclient will tender the third and largest phase of this airport project in H2 10 which willcover the construction of a new passenger terminal building and an air traffic controltower.Ras Al Hadd AirportContract detailsContract namePackage 2 - Airside infrastructureContract valueOMR 40.5mnCurrent backlog estimateOMR 40.5mnExpected completion date Q4 11Client nameMinistry of Transportation & CommunicationSource: Galfar, SHUAA CapitalA J.V for Oman'slargest dry dockShip repair yard and Dry-dock complex, Duqm PortIn January 2008, The Ministry of National Economy awarded the J.V of DaewooEngineering and Galfar Engineering an OMR 170.2mn contract for the construction of aship repair yard and a dry-dock complex at the Duqm Port. Galfar's share of the projectwas 41% with a contract value of OMR 69.6mn. When completed in H2 10, the dock willrival the biggest in the region as it will be equipped to handle some of the largest vesselsin service today, including the Ultra-Large Crude Carriers (ULCCs). The dry dock will takeadvantage of the Duqm port's proximity to the busy regional sea lanes crossing Oman'swaters. We estimate that almost 49% of the contract work was completed as of FY 09-end.Duqm PortContract detailsContract nameShip repair yard and Dry-dock complexContract valueOMR 69.6mnCurrent backlog estimateOMR 35.2mnExpected completion date Q3 10Client nameMinistry of National EconomySource: Galfar, SHUAA CapitalMarch 18th, 2010 14