The contract entails the provision of engineering, procurement, construction, load out, offshore hook up and commissioning services. The platform is to be located in the Malaysia - Thailand Joint Development Area Block B-17, which is about 260 km east of Songkhia, Thailand and about 150 km north of Kota Bahru, Malaysia, in an average water depth of 61 meters.
Facilities on the approximately 18,000 ton deck will include processing, power generation, compression, separation, water injection and utilities. Construction is expected to commence in May 2007 with onshore completion scheduled in June 2009.
Mr. Ho Nee Sin, Managing Director of SMOE said "We are pleased to be awarded this major contract, a testimony of the confidence of our clients in SMOE's proven capabilities and expertise in offshore platform construction. This is the biggest single contract in terms of commercial value secured by SMOE."
SMOE is an offshore engineering company and has attained a reputation as a leading turnkey contractor in the global oil and gas industry. The company has proven track record of more than thirty years in the construction of offshore fixed platforms, specialized modules and floating production systems for a worldwide clientele.
Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2007.
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