Avanceon Ltd responds to queries regarding the multi-million-dollar contract secured by its subsidiary

September 29, 2020 (MLN): – Avanceon Limited has issued clarification and explanation in response to a few queries received regarding the information submitted to the Pakistan Stock Exchange on September 28, 2020.

For the uninitiated, the company in its announcement on PSX had said that its subsidiary, Avanceon Automation and Control W.L.L., had secured a multi-million-dollar contract to operate and maintain SCADA Systems for the Lusail Utility Tunnel. The company further said that its After Market Support division will provide operational and maintenance services onsite from 2019 till 2024.

Issuing clarification on the above, the company has said that Avanceon Automation and Control W.L.L. was awarded a onetime contract by Lusail City to deliver Engineering Services for the CP1 Utility Tunnel located in the municipality of Al Dayaan in 2019, Upon completion of the project within the agreed timeline, the company received a high customer satisfaction score.

Keeping in view Avanceon’s familiarity with the project and superior technical know-how, the customer engaged Avanceon’s After Market Support division and the project was converted for a five-year contract in 2020 to maintain, operate and troubleshoot SCADA systems installed at the CP1 Utility Tunnel.

Moreover, Avanceon After Market Division will be responsible for the maintenance services onsite till 2024 with the possibility for further renewals to the contract.

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