The offshore oil & gas sector continues to look buoyant with crude oil prices hovering above the US$60 level. According to analysts' estimates, rig utilization is almost at 100% and day rates for jackups have soared to unprecedented levels. During the last offshore boom in the 1970s and early 1980s, over 350 jackups were built. In the current boom to date, less than 15% of that number is on existing order books. Analysts believe that there is tremendous room for order book expansion. With its expertise and track record in procuring marine electrical equipment for customers in the offshore sector, BH Global is well positioned to ride on the expected increase in demand for jackups.
Mr. Vincent Lim, Managing Director commented: "With Labroy's track record of delivering vessels punctually to their satisfied clients, we believe they will carry this over to their latest expansion into rig building. We are very pleased with the confidence that Labroy Offshore have placed in us. It represents further enhancement of the Group's strength and direction and gives us larger foothold into offshore oil & gas sector. Striving forward, we shall continue to seek to win the confidence of leading players in the offshore circle."
In May 2006, BH Global had also secured a S$2.5 million contract to supply to Houston-based MODEC for its Floating Storage & Offloading Vessel which is currently undergoing construction at Jurong Shipyard Private Limited. Jurong Shipyard is one of the major Singapore shipyards and another major client of BH Global. The shipyard has been expanding aggressively in line with its increased number of marine and offshore projects.
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