3i backed leading accommodation company Emtunga Offshore has won a $11.9 million order for a 44 bed replacement living quarters for the B11 gas field, 160km offshore Borneo, which is operated by Shell on behalf of Petronas.
The 12,100 square meters of living quarters will contain 44 beds, galley, sick bay, gymnasium, office and a recreation room. It will be delivered in 33 separate module sections in two different shipments; one in May 2008 and the second one in June 2008. After arrival at Brooke Dockyard in Kuching, the module sections will be assembled into one single unit, prior to transportation and installation offshore.
"Borneo is a long way from Gothenburg, as is Mexico and Thailand where Emtunga Offshore has made deliveries recently," Chairman of Emtunga and former head of 3i's Oil, Gas and Power team based in Aberdeen, Keith Mair, explained. "The ability to win these far flung contracts is testament to Emtunga's reputation for engineering excellence in designing and building modular offshore living quarters and its unbroken track record for on-time delivery."
3i invested in Pharmadule Emtunga AB, of Gothenberg, Sweden, via a management buyout in 2003 and this latest success for the company adds to 3i's list of highly successful portfolio companies and global investment track record in the Oil, Gas and Power sector.
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