Federal in Indon energy venture
(2004-03-10)

Federal in Indon energy venture

FEDERAL International has teamed up with PT Jaya Wijaya Raya (JWR) to penetrate the Indonesian oil and gas industry.

The joint venture company, Federal JWR Energy Pte Ltd, will engage in engineering, procurement and construction activities.

A maiden contract worth US$21.6 million has already been awarded by Semco for the rental of production facilities for the Semberah Field Development project in Indonesia.

The contract will last five years with an option for a further three years. It also allows for the purchase of rental equipment after five years.

Singapore-incorporated Federal aims to pursue and execute turnkey projects in Indonesia, as well as to provide supply chain management and logistic services, commissioning and maintenance services and consultancy services relating to the oil and gas industry.

Federal will hold a 40 per cent stake in the joint venture, with the remaining 60 per cent held by JWR.

Initial paid-up capital of US$300,000 divided into 300,000 ordinary shares of US$1, and authorised share capital divided into 5 million ordinary shares of US$1, have been agreed on.

The joint venture will be funded by internal resources initially.

Federal's executive chairman and CEO KK Koh said the move will widen the scope of Federal's offerings, allowing it to serve as a one-stop integrated service provider.

'Together with our recent investment in Jambi, we are confident that the strategic moves by the group will enhance our competitive position in the Indonesian oil and gas industry,' Mr Koh said.

He was referring to a joint venture between Federal and Jambi Info Trade Centre signed two months ago to jointly promote investment opportunities in Indonesia's Jambi province.

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