Avanceon's subsidiary secures muti-million-dollar project

September 11, 2024 (MLN): Avanceon FZE, a wholly owned subsidiary of the Avanceon Limited (PSX: AVN), has secured a muti-million-dollar project to deliver state of the art energy solution and services.

The project will extend for three years from August 2024 till August 2027, and has a projected value of around $16.5 million, AVN said in a stock filing on Wednesday.

The acquisition of the project will have a positive impact on Avanceon’s 'Road to 100 Plan' which is to reach $100m in revenue by the end of FY 2025, it said.

Avanceon FZE has a healthy pipeline in place for the year and expects to capitalize on its experience and expertise within the energy sector.

"The acquisition of the project underscores Avanceon's commitment to delivering world-class automation and control solutions to the oil and gas sector in the Middle East region and beyond," it said.

This project gives a pathway for positive impact on group’s business and value for its shareholders, the company added.

The scope of work includes the supply, integration, and commissioning of various advanced systems.

This includes the supply, installation, and commissioning of advanced control and safety systems.

The advanced control and safety systems will include Instrumentation Spares, Programmable Logic Controllers (PLC), High Integrity Pressure Protection Systems (HIPPS), and Wellhead Control Panels (WHCP).

Additionally, the scope involves conducting a site survey, detailed engineering, and procurement of materials.

Performance Testing (SAT & FAT) will also be part of the project, along with commissioning. Furthermore, onsite training, maintenance, and troubleshooting will be provided.

Avanceon has a history of successful collaborations with the customer in the past. "Over the years, this relationship has grown stronger through a series of successful projects.

"The trust and mutual respect cultivated has positioned Avanceon as a preferred partner especially in delivering critical solutions that meet the rigorous demands of the energy industry," AVN said.

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