Technics Oil & Gas Wins S$15 Million in Gas Compressor Contracts
Technics Oil & Gas Limited's subsidiary company, Technics Offshore Engineering Pte Ltd (TOEPL), has secured more than S$15 million orders from Chevron and Shell for the supply of gas compressor packages.
The order from Chevron is worth S$14 million and consists of 5 packages of booster and gas lift compressors. The gas compressor packages will be delivered in July 2006 and are destined for high pressure gas lift operations in the Thailand offshore gas fields. Chevron Corporation is based in United States and is the parent company of Chevron, Texaco and Caltex.
The order from Shell (Malaysia) is for one unit of low-pressure gas compressor package worth more than S$1 million with a delivery of May 2006. The gas compressor package is meant for use in Shell's offshore gas field F-23 Rejuvenation Project in Sarawak and is the 3rd order received todate with possibility of another repeat order for use in the F-6 Rejuvenation Project.
TOEPL's workscope for both orders include the overall design of the process engineering, detail engineering and calculations, procurement and construction of the gas compressor packages with a separate option for the commissioning services onboard the offshore platforms.
The above mentioned orders are expected to have a significant positive contribution to TOEPL's earnings in its current Financial Year 2006. None of the Company's Directors or substantial shareholders has any direct or indirect interest in the above mentioned transaction.
Mr. Robin Ting, Executive Chairman & Managing Director of Technics Oil & Gas Limited said, " Asia has enormous amount of natural gas reserve and the rapid economic growth in Asia will bring an associated significant rise in demand for natural gas over the next few years. This translates into high growth potential for our gas compressor products and we are making this gas compression business a priority for Technics. Our recent success, including the S$3.5 million gas compressor contract awarded in October'05 by Petronas, the national petroleum corporation of Malaysia, are possible because of our strong partnerships with global leading gas compressor manufacturers from United States (Ariel Inc. and Cooper Energy )."
Technics Oil & Gas Limited (formerly known as Technics Group Holdings Limited), is a local Singapore public-listed company. It provides a comprehensive range of process equipment, including gas compression packages, and support services to the Oil & Gas industry in Asia Pacific.
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