Federal Int'l gets bigger Indon contract worth US$26m
FEDERAL International (2000), a distributor and service provider supporting the oil, gas and related industries in the region, has announced a bigger contract for one of its units.
Federal Hardware Engineering has had its procurement contract with Indonesia's Gunanusa Utama Fabricators increased to US$26 million (S$45.6 million) from US$16 million.
FHE signed a contract with Gunanusa in 1999 to supply flowline control products and provide procurement services for a compression platform project in East Kalimantan.
Gunanusa, a key customer of Federal and one in which Federal has an indirect 10 per cent stake, is mainly involved in executing large turnkey projects involving offshore platform projects, container cranes, boilers and pressure vessels.
"We are delighted with the increase in contractual value and the upswing in the oil and gas industry which will have a positive impact on Federal," Federal executive chairman and chief executive K K Koh said. "This deal supports our strong belief in Indonesia as a key growth market."
Federal distributes flowline control products such as valves, structural steel, steel flanges, connectors and pipe fittings to the oil and gas, power, chemical and pharmaceutical industries.
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