FEDERAL INTERNATIONAL'S SUBSIDIARY SECURES US$4.1 MILLION PROCUREMENT CONTRACTS FROM GUNANUSA UTAMA FABRICATORS
(2001-09-24)

FEDERAL INTERNATIONAL'S SUBSIDIARY SECURES US$4.1 MILLION PROCUREMENT CONTRACTS FROM GUNANUSA UTAMA FABRICATORS

September 24, 2001, Singapore -- Mainboard-listed Federal International (2000) Ltd ("Federal"), an established flowline control products distributor and service provider supporting the oil and gas and related industries in the region, announced today that its subsidiary, Federal Hardware Engineering Co Pte Ltd ("FHE"), has secured two contracts worth a total of US$4.1 million from PT Gunanusa Utama Fabricators ("Gunanusa").

The contracts run for two time periods. The first one, valued at US$1.6 million, is for 40 weeks commencing August 13, 2001, while the second one, valued at US$2.5 million will be for a duration of two years from September 11, 2001. The first contract calls for the supply of subsea pipelines and the second is for general fabrication services required by Gunanusa's end customer, UNOCAL Indonesia Company, which is involved in extensive oil exploration activities in Indonesia.

The award of the contracts reflects the resilience of the oil and gas industry in Indonesia. It demonstrates also the confidence that major oil companies have in Gunanusa and Federal as a fabricator and reliable supplier delivering on schedule products and services for the industry.

About Federal International

Federal is principally involved in the distribution of flowline control products (including valves, structural steel, steel flanges/connectors and pipe fittings) to the oil and gas, power, chemical and pharmaceutical industries. By moving upstream into the design and manufacture of specialised valves and related products, Federal aims to be an integrated service provider and procurement specialist in the energy and infrastructure industries offering a complete one-stop service package.

About Gunanusa

Gunanusa, a key customer of Federal, is mainly involved in executing large turnkey projects in offshore platform projects, container cranes, boilers and pressure vessels.

  
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