Labroy Garners Contracts for Heavy Lift Vessels

Singapore-based Labroy Marine Limited said that its wholly owned subsidiary, Labroy Offshore Ltd., has signed two contracts with a new Norwegian customer for the construction of two units of Heavy Lift Jack Up Vessels.

The total contract value for the two contracts is Euro 283.6 million (or approximately S$567 million), with each unit worth Euro 141.8 million. These vessels are scheduled to be delivered in 2010.

With these latest orders, the total outstanding order book value now stands at approximately S$2.2 billion.

Labroy has also entered into an option agreement with the said customer giving them the option to build an additional two similar vessels with Labroy Group.

Barring any unforeseen circumstances, Labroy expects a positive contribution to its earnings from these contracts. However, these contracts are not expected to have any material effect on the earnings per share and net tangible assets per share of Labroy Group in the current year.

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