Thursday, September 22, 2011

SapuraCrest awards US$227m contract to Cosco for 2 ships

KUALA LUMPUR: SAPURACREST PETROLEUM BHD []'s unit TL Offshore Sdn Bhd has issued two letters of awards to Cosco'' Nantong Shipyard Co. Ltd to build two ships costing a total of US$227 million.

SapuraCrest said on Thursday, Sept 22, Cosco was to build two pipe-lay cum heavylift offshore CONSTRUCTION [] vessels.

It said the contract price for the first ship was US$116.75 million and the second was for US$110.25 million. The delivery date was 28 months and 26 months.

'The acquisition will enable TLO to capitalise on the positive outlook in the installation of pipelines and facilities (IPF) segment in the oil and gas industry,' it said.

SapuraCrest said with the deployment of these vessels, TLO would be able to boost its market share by growing the revenue stream within its existing core business. After delivery, the ships would deployed for marine construction contracts for major oil companies.

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