Kejuruteraan Samudra Timur Picks Up Petronas Contract

Kejuruteraan Samudra Timur Berhad has been awarded a contract by Petronas Carigali Sdn Bhd ("PCSB") for the provision of tubular handling equipment and services for PCSB drilling and workover programs.

The said Letter of Award is subject to the execution of a formal written contract between the parties. The Contract shall be effective February 28, 2007 for a period of four years and will also have a two year extension option.

Based on the level of activities as indicated in the invitation for tender documents, rates of rental for equipments and rates of services agreed and value of performance guarantee provided for the contract, KSTB envisage the total revenue will be in the region of RM150.0 million to RM180.0 million over the four year contract period.