The Board of Directors of EMS Energy Limited announced that its subsidiary, Engineering & Marine Services (Pte) Ltd, has secured a Letter of Intent (LOI) from Hoang Long Joint Operating Company for the manufacture and supply of offshore pedestal cranes for use in Block 16-1 Te Giac Trang Field Development Project in Vietnam.
The LOI with a delivery date of September 25, 2010 for first crane is valued at S$1.6m. The contract, with options including a second crane for up to S$5m, is expected to be signed at a later date. The LOI is not expected to have a material impact on the net tangible assets or earnings per share of the Company for the current financial year.
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