The Company has received a contract for the design and supply of two units of gas lift compression packages to the Troung Son Joint Operating Company ("TSJOC") for the development of the Oil & Gas field at Block 46/02 offshore Vietnam. The packages will be delivered in early February 2008 and options are also provided in the contract for the Company to undertake offshore technical services.
The contract from Malaysia's national oil company, Petronas, entails the design and supply of a gas compression package for the Baronia RV2 Enhanced Oil Recovery project in offshore Sarawak. The package will be delivered in August 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 the Company.
Commenting on the above, the Company's Executive Chairman and Group Managing Director, Mr Robin Ting said, "We are delighted as the above contracts underline our continuing focus on delivering value for our strategic clients in the markets across South East Asia. The outstanding order book at the date of announcement is approximately S$42 million."
The above transactions are not expected to have significant impact on the earnings per share and net tangible assets of the Company for financial year ending 30 September 2007.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect in the aforesaid transaction.
About Truong Son Joint Operating Company (TSJOC)
TSJOC is a joint venture between State-run PetroVietnam Exploration & Production Company (PVEP) (40%), Talisman Vietnam Ltd (TVL) (30%) and Petronas Carigali Overseas Sdn Bhd (PCOSB) (30%). PVEP is a wholly owned subsidiary of PetroVietnam; TVL is a wholly-owned subsidiary of Canada-based Talisman, one of the largest Primavera users in Canada and Asia Pacific countries; PCOSB is the overseas exploration and production of Malaysia's national oil company Petronas.
Technics Oil & Gas Limited, is a local public listed company. It provides a comprehensive range of process equipment, including gas compression systems and support services to the oil & gas industries in Asia Pacific.
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