Technics Oil & Gas Limited's subsidiary Technics Offshore Engineering Pte Ltd ("TOEPL") and Joint Operation, PT. Promatcon Tepatguna J.O have secured 3 EPCC contracts worth S$6.2 million for 4 units of gas compressor packages to major Oil & Gas clients in Southeast Asia as follows:
TOEPL has received a contract for the design and supply of a fuel gas booster compression
package to ConocoPhillips as part of the overall power generation system for the
development of the Su Tu Vang field in offshore Vietnam. The package will be delivered in
August 2007 and options are also provided in the contract for the Company to supply spare
parts and undertake offshore technical services.
The JO has secured a contract to design, supply and commission 2 units gas compression
packages for PT Medco Exploration & Production. The packages will be delivered to East
Kalimantan and will be put into service in July 2007.
The contract from Malaysia's national oil company, Petronas, calls for the design and
supply of a gas compression package as part of the offshore Puteri gas field development.
The package will be delivered in May 2007 and the final contract value is likely to increase
as Petronas is expected to exercise the options for the provisions of operating spares and
technical services by TOEPL.
Commenting on the above, the Company's Group Chairman and Managing Director, Mr Robin
Ting said, "We are delighted with the above contracts as it underlines the growing number of
gas compression opportunities in the markets across South East Asia and demonstrates our
integrated multidisciplinary engineering skills and our continuing focus on delivering value for
our strategic clients." The total order book is S$95 million to date.