Labroy Marine Strengthens Offshore Engineering Division

Labroy Marine has strengthened its offshore engineering division with the recruitment of more than 40 experienced engineers recently, with relevant experience in offshore and rig building. This is in line with the increased activities from the offshore engineering division.

With the strengthening of the engineering and production departments of this division, the Group is of the view that it has built a credible team with the relevant offshore and rig building expertise, capable of taking on the challenges ahead. Mr. KK Ng has kindly consented to take on an advisory role to the Chairman of the Group on matters relating to the Group’s rig building program.

"The global offshore industry continues to experience robust growth in the past months. We have received numerous enquiries from potential customers in Europe, United States and Middle East. We have accelerated the development of our rig yard in Batam and look set to complete ahead of schedule. We have also been recruiting more experienced engineers to cater to the strong anticipated demand", said Mr Tan Boy Tee, Chairman and Managing Director of Labroy.

When asked to comment on the progress of the jack-up rig, Mr. Tan responded positively, " The progress of the first jack-up rig is running smoothly. The construction of the rig is on schedule."

Group Outlook

As of today, the net outstanding order book for new builds has hit a record S$2.4 billion which the Group commenced recognition from 2007 onwards. In the first seven months of 2007, Labroy has secured a total of approximately S$842 million worth of contracts on various offshore vessels, including six Anchor-Handling Tug and Supply (AHTS) vessels, two Platform Supply vessels, a 500-men accommodation barge and the order for two Heavy Lift Jack-Up vessels from a Norwegian operator that was announced in March 2007.

Labroy, therefore, remains optimistic in securing more shipbuilding and rig building orders in the future.

Barring any unforeseen circumstances, Labroy expects earnings for FY2007 to remain strong.