Friday, September 30, 2011

Tanjung Offshore gets RM200m shipbuilding contracts

KUALA LUMPUR: TANJUNG OFFSHORE BHD []'s unit has secured two contracts totaling RM200 million to build two platform supply vessels to Muhibbah Marine Engineering Sdn Bhd and Labuan Shipyard & Engineering Sdn Bhd.

It said on Friday, Sept 30 its unit Tanjung Kapal Services Sdn Bhd had secured the contracts for the vessels which would be used to supply and support deepwater operations of oil majors in Southeast Asia on a long term basis.

Tanjung said the vessels would also be used for operations in unrestricted waters as they would be equipped to transport drilling mud, cement, brine, base oil, diesel fuel and chemicals and also to fight fires.

'The CONSTRUCTION [] of the two PSVs will be part financed by internally generated funds and borrowings from financial institutions.'' The PSVs are expected to contribute positively to the future earnings and net assets of Tanjung,' it said.

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