Favelle Favco Bags Offshore Crane Orders Worth $38.06M

Malaysia's Favelle Favco Berhad reported Friday that its wholly owned subsidiaries received offshore crane supply purchase orders or Letter of Intent respectively in August and September, the company said in an announcement on local stock exchange Bursa Malaysia.

Favelle Favco Cranes (M) Sdn Bhd clinched a contract from Thailand's Thai Nippon Steel & Sumikin Engineering & Construction Corp., Ltd. to provide an offshore crane for delivery in 3Q 2014, while Favelle Favco Cranes Pte Ltd received an offshore crane order from Singapore-based Sembcorp Marine Ltd.'s subsidiary PPL Shipyard Pte Ltd for delivery between 1Q 2015 and 3Q 2015.

The third offshore crane contract was awarded to Favelle Favco Cranes Pty Ltd by BP Exploration (Shah Deniz) Limited, with delivery scheduled to take place between end 2014 and early 2015, while China Merchants Heavy Industry (Jiangsu) Co., Ltd is scheduled to receive its offshore crane from Favelle Favco Cranes (M) Sdn Bhd in the the same time frame.

Favelle Favco reported that the approximate combined value of these offshore crane orders amounted to $38.06 million (MYR 120.7 million).

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