Federal consortium lands US$91m job

(2006-02-14)

FEDERAL International (2000) Ltd, an engineering and procurement specialist in the energy sector, yesterday said that a consortium it is part of, has won a 10-year contract worth US$91.33 million from PetroChina International Jabung Limited. The contract requires the group to provide time charter of floating storage and off-loading (FSO) vessel services to support PetroChina's operations in the Jabung Block, Indonesia.

PetroChina will be chartering Federal's FSO vessels which will be moored at its terminal to receive, store and offload crude oil. It is for an initial period of 10 years, with an option for another five years. The contract will commence this year. The consortium comprises Federal's subsidiary, Federal Offshore Services Pte Ltd (FOS), FOS subsidiary KK Marine Inc, and PT Antarbuwana Pertala.

K K Koh, Federal's executive chairman and chief executive officer, said that the win 'underscores the robust outlook of the Indonesian oil and gas industry'. It also reflects the success of Federal's efforts in tapping business opportunities in the marine offshore oil and gas sector.

The contract is expected to have a favourable material impact on Federal's profitability for the financial year ending Dec 31, 2006. But it is not expected to have any material impact on Federal's consolidated net tangible assets per share for the period.

《The Business Times》

  

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