Wecom Engineering Clinches $5.8M Supply Contract

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 its 40.21 percent associate company – Norr Offshore Group Limited (NOG) whose subsidiary – Wecom Engineering Pte Ltd has been awarded GRE contracts worth of $5.8 million (SGD 7.2 million) to supply, fabricate, test, install and commission for SW and Ballast systems for a Singapore customer.

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

“The Group has been consistently securing contracts so far and we are pleased that this momentum in order flow continues. Given our recent successes in EPCC and CE projects in several countries in the region, we are witnessing higher interest level and support from large multi-national corporations while we maintain strong ties with key customers,” Robin Ting, executive chairman & Group managing director said in the press release.

These contracts are expected to have positive material impact on the earnings per share for the financial year ending September.

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 Aug. 4, 2014, Technics signed Master Service Agreement with ATCO Emissions Management worth an estimate more than $150 million contracts over the next 3 years
  • On July 21, 2014, the Group secures the 3rd leasing and maintenance contract for 5 years and 1 year plant maintenance contract worth a total of $13.8 million (SGD 17.3 million) in Indonesia
  • On July 9, 2014, the Group was awarded contracts worth a total of $5.0 million (SGD 6.2 million) for supply of Gas Booster Compressor for Production Facilities and Gas Compressor Skid for FSO Vapor Recovery Project in Vietnam
  • On May 27, 2014, 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, 2103, the Group was awarded the 2nd leasing contract and outright sales contract worth a total of $8.1 million (SGD 10.1 million) for 9 Reciprocating Gas Compressor Engine Driven packages from Indonesia and Malaysia
  • On Nov. 4, 2013, NOG awarded its 1st Micro LNG plant project worth $16.8 million (SGD 21.0 million) for the supply of process equipment & accessories for Indonesia
  • On May 27, 2013, the Group was awarded contracts for the supply of Air Spread Systems from Singapore worth $8.5 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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