yes it is. however, market is pricing it lower due to the disruptions in middle east. it pretty much depends on orderbook recovery for the pipeline coating segment (mainly from Qatar) which is exposed to Hormuz situation. Keep an eye on the pipeline + engineering & fabrication segment orderbook wins in coming qtrs. Bioenergy is done deal as that is listed separately under Genergy and Wasco has benefitted from the listing of Genergy - selling some of its stakes at the peak. Orderbook is slightly over 2bn excluding the bioenergy segment.

dont rush it as wasco is neither upstream nor downstream. Its more to O&G service provider and its coating segment primarily based in Qatar is affected by the situation at Hormuz. When the upstream/downstream players start spending capex, it will flow to Wasco then. Need a lot of patience here.

Middle east/Qatar's projects for Wasco should be intact still and most likely will be delayed to FY27. Extracted some of the recent information from the web (1) If Washington and Tehran reached a peace agreement and enough tankers were available, QatarEnergy could restart its undamaged liquefied natural gas facilities within a week. Repairing the two production lines struck by Iranian missiles in March would take about three years. (2) Before the war, Ras Laffan had annual LNG capacity of about 77 million tonnes. The North Field East, South and West projects are intended to lift that figure to 142 million tonnes. Al-Kaabi said in October that all contracts had been awarded and none of the announced projects had been cancelled. (3) Wasco previously completed 570km of coating works for Qatar's North Field Expansion while its ongoing portfolio includes the North Field South and NFPS COMP3 coating packages. As at end 2QFY26, its pipeline order book stood at RM409m, of which management indicated that around half related to Qatar. While the contracts remain intact, execution depends on the timely delivery of client-supplied materials and alignment with offshore installation schedules.

Democrats took control of the Congress. Safe to assume FY27 projects will go on per the schedule as the elected Democrats will assume office in Jan'27. a two months volatile period from now until Jan'27. While TACO still has the veto power, the congress has the control of federal spending such as war/military funding :)