Technics Bags $5M Contracts for FSO Vapor Recovery Project in Vietnam

Singapore's Technics Oil and Gas Limited (Technics or together with its subsidiaries, the Group), a leading full service integrator of compression systems and process modules for the global offshore oil and gas sector, announced Wednesday that it has been awarded contracts worth a total of approximately $5 million (SGD 6.2 million) through its subsidiaries. The contracts involve supply of Gas Booster Compressor for Production Facilities and Gas Compressor Skid for FSO Vapor Recovery Project for Vietnam.

Despite strong competition from other international competitors, the Group was eventually selected due to its excellent technical proposal, experience and proven track record in the related field.

“Given our recent successes in EPCC and CE projects in several countries in the region, we are witnessing higher interest levels and support from large multi-national corporations while we maintain strong ties with key customers,” Technics' executive chairman Robin Ting said.

These contracts are not expected to have positive material impact on the earnings per share for the financial year ending September 2014.

The award of these contracts comes rapidly on the back of a series of recent contract wins by the Group. A brief recap of recent contract wins is as follows:

  • On May 27, the Group was awarded contracts worth a total of $5.9 million (SGD 7.4 million for supply of Booster Compressor Package for Wellhead Platform for Vietnam and EPCI for Steel Structure
  • On Nov 12, 2013, the Group was awarded the second leasing contract and outright sales contract worth a total of $8.0 million (SGD 10.1 million) for 9 Reciprocating Gas Compressor Engine Driven packages from Indonesia and Malaysia
  • On Nov 4, 2013, NOG awarded its first Micro LNG plant project worth $16.9 million (SGD 21.0 million) for the supply of process equipments & accessories for Indonesia
  • On May 27, 2013, the Group was awarded contracts for the supply of Air Spread Systems from Singapore worth $8.4 million (SGD 10.6 million)

Shareholders and potential investors should exercise caution when trading in the shares. Persons who are in doubt as to the action they should take should consult their legal, financial, tax or other professional advisers.


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