Technics Oil & Gas to Supply Automation Systems to Cosco Shipyard
Technics Oil & Gas says that its 51%-owned subsidiary, Norr Systems Pte Ltd, has continued to win more contracts for the design and supply of shipboard automation systems from shipyards in China.
The combined orders from four shipyards for a total of 18 units are worth a total of S$5.25 million and include another batch of repeat orders for six units from a core customer, Cosco Zhou Shan Shipyard, as well as a maiden order from a new customer.
These orders will be fulfilled and delivered on a progressive schedule basis, of which S$1.38 million worth of orders are due for delivery in July/August 2008 and the balance S$3.87 million for delivery in December 2008.
Commenting on the above, Mr. Robin Ting, Founder and Group Managing Director said, "We are motivated that Norr Systems is establishing a higher profile within China’s fast-growing marine industry and securing new contracts. We are particularly pleased with the S$1.5 million contract from our core customer, Cosco Zhou Shan, a major shipyard in China. This is the third repeat order from Cosco Zhou Shan in the last two months, reflecting their increasing confidence in Norr Systems, and we are optimistic of their continual support."
Norr Systems was set up in 2005 to spearhead the Group’s plans to capitalize on the growing demand for software-based integrated control systems in the oil and gas and marine industries. Added Mr. Ting, "We are encouraged by Norr Systems’ progress to-date and have earmarked more resources to build on the current strong momentum and harness the full potential of this new business segment for Technics through FY2008."
The above transactions are not expected to have any material impact on the earnings per share and net tangible assets of the Company for the current financial year ending September 30, 2007.
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