Technics Oil and Gas Limited (Technics or together with its subsidiaries, the Group), a Singapore-based full service integrator of compression systems and process modules for the global offshore oil and gas sector, announced Tuesday that the Group’s subsidiary, Technics Offshore Engineering Pte Ltd. (TOE), has been awarded a contract Sept. 15 worth a total of $50.4 million (SGD 70.5 million) for the construction of a Liftboat. The Liftboat is expected to be delivered within two years from the contract date. There is an option as well to construct a similar unit and the option can be exercised within six months from this contract date.
The Liftboat will be a Multi-purpose Self-propel Self-elevating platform capable of operating at water depths of up to 230 feet (70 meters) and the Liftboat will have ABS (American Bureau of Shipping) classification. The vessel will be constructed under the Group’s TOE 700 Series design. The customer is an established regional player based in Malaysia and the vessel is expected to be deployed in Malaysia after completion.
Despite tough industry conditions and fierce competition from more specialized competitors, the Group was eventually selected due to its advanced technology, strong engineering capabilities, innovative design, experience and proven track record in the oil and gas field.
“This contract represents our biggest contract win in 2015 till date. In addition to our recent contract wins in EPCC (engineering, procurement, construction and commissioning) and CE (contract engineering) projects in several countries in the region, our Group is on track to deliver consistent revenue to negate challenging times for our industry and propel our Group forward. Our group is also hopeful for more of such orders in future.
We embarked on a leasing model a while back and we will also aim to grow the leasing business further and add more modules and equipment under the segment. Besides looking at the Liftboat segment, we are also planning to go for MOPU (mobile offshore production unit) units and diversify our product range,” Robin Ting, executive chairman of Technics Oil and Gas said in the press release.
This contract is not expected to have positive material impact on the earnings per share for the financial year ending September.
The award of this Liftboat contract 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:
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