Federal Int'l wins $36.4m Indon job
(2003-03-14)

Federal Int'l wins $36.4m Indon job

MAINBOARD-LISTED Federal International said yesterday it has clinched a $36.4 million procurement and logistics contract in Indonesia.

Under the contract, Astinaputera and Transmega Ekacipta have appointed Federal's subsidiary Federal Hardware Engineering to handle procurement, project management, logistics and engineering management for Phase Nine of the Tunu oilfield development project.

Federal's executive chairman and CEO Koh Kian Kiong said: 'This contract is significant because we secured it based on our track record amid strong competition.'

The contract is likely to have a positive impact on Federal's profitability and net tangible assets per share for 2003, he said.

Tunu is an undersea oilfield off Kalimantan. The entire development project is being undertaken by TotalFinaElf Indonesie, which contracted part of the work to Astinaputera and Transmega.

Federal provides flowline control products and services to the oil and gas, petrochemical, refinery and pharmaceutical industries. It is also involved in the distribution of oilfield drilling equipment, fire protection and detection systems, electrical products and IT solutions.

Federal's profit grew 19 per cent to $1.5 million for the half-year ended June 2002, after 2001 profit plunged 64.5 per cent.

Federal sees Indonesia as a key market. It has won several large contracts there in past few years, with a US$26 million deal in 2000 and a US$29 million deal in 2002.

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