Semberah contract value raised


MAINBOARD-LISTED Federal International yesterday announced that the contract value of its Semberah Field Development & Production Facilities Rental Project in Indonesia has been increased to US$33.57 million from US$21.6 million announced previously.

This project was awarded to Federal's joint-venture company Federal JWR Energy Pte Ltd last March. It involved the rental of production facilities in Indonesia for a period of five years with an option for an extension of three years.

Federal JWR, a joint venture between Federal and PT Jaya Wijaya Raya, was set up to carry out EPC (engineering, procurement and construction) and BOO (build, operate and own) projects for the oil and gas industry in Indonesia.

Federal said the latest transaction is expected to have a positive material impact on the earnings per share for the financial year ending 2005. But it is not expected to have any material impact on the net tangible assets per share.

《The Business Times》


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