Singapore's ES Group (Holdings) Limited (the Company, together with its subsidiaries, ES Group or the Group) reported Thursday that its wholly-owned subsidiary, ES Offshore Engineering Pte. Ltd. was awarded repeat orders for jackup blocks worth approximately $13.5 million (SGD 17 million) from a major shipyard in Singapore.
ES Group, which builds, converts and repairs tugs, barges, rigs, offshore support vessels, oil tankers and cargo ships, was previously awarded an approximately $11.9 million (SGD 15 million) order from the same customer in February 2014.
The jackup blocks, which forms part of a jackup’s main hull, are expected to be delivered in 2015 and will be constructed at the Group’s Thailand yard. ES Offshore and Marine Engineering (Thailand) Co. Ltd. (the Company’s 50 percent-owned subsidiary) owns and operates a 753,474-square foot (70,000-square metre) shipyard located in the city of Thapsakae, Prachupkirikhan Province, approximately 226 miles (365 kilometers) south of Bangkok.
Barring any unforeseen circumstances, this order is expected to contribute to the Group’s financial performances in the second half of the financial year ending Dec. 31 and in the financial year ending Dec. 31, 2015.
Christopher Low, ES Group’s CEO, said, “The repeat order affirms the Group’s capabilities and ability to deliver high quality projects and the customer’s faith and confidence in us. We will continue to build on our strengths to be one of the preferred partners in the marine and oil and gas industry.”
Commenting on the recent political tensions in Bangkok, Low said, “The Group’s shipyard operations and employees are not affected, and we do not foresee any major disruptions in our operations. However, we will continue to monitor the situation and prepare for such related situations that may arise in the Prachupkirikhan Province.”
The Company will make further announcements to update Shareholders in the event of any adverse development to the Group’s operations in Thailand.
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