Favco books multiple crane orders
By Alex Dahm13 May 2022
Crane manufacturer Favelle Favco in Malaysia and Australia has secured orders to build new cranes worth RM 55 million (US$ 12.5 million).
The cranes are a mix of construction towers and offshore cranes. The contracts were signed between 22 February and 6 May 2022. Parent company Favelle Favco Berhad saw its share price increase by 28 % on the back of the announcement.
One of the tower crane orders is from Marr Contracting, to be delivered by the middle of 2022 and the other is for GA Caelli, to be delivered by the end of the year. Both companies are based in Australia.
The offshore cranes were ordered by SR Marine Services in Malaysia and Yinson Bergenia Production which has offices in Malaysia, Netherlands, Singapore, Norway, Ghana, Nigeria and Brazil. Deliveries are due in the third quarter of 2022 and the second quarter of 2023, respectively.