 Robin Ting, executive chairman of Technics Oil & Gas. NextInsight file photo.
TECHNICS OIL and GAS, a leading full service integrator of compression systems and process modules for the global offshore oil and gas sector, announced that the Group’s subsidiary, Technics Offshore Engineering Pte Ltd, has won a contract worth a total of S$70.5 million for the construction of a Liftboat.
The Liftboat is expected to be delivered within two years from the Sept 2015 contract date. There is an option to construct a similar unit and the option can be exercised within six months from this contract date.
The Liftboat will be a Multi-purpose Self-propel Self-elevating platform capable of operating at water depths of up to 70 meters, and the Liftboat will have ABS classification.
The vessel will be constructed under the Group’s TOE 700 Series design.
The customer is an established regional player based in Malaysia and the vessel is expected to be deployed in Malaysia after completion.
| Stock price |
S0.64 |
| 52-week range |
S$0.60 – 0.78 |
| PE (ttm) |
14.5 |
| Market cap |
S$148.4 million |
| Price/book |
1.69 |
Dividend yield
SGX data |
- |
Despite tough industry conditions and fierce competition from more specialised competitors, the Group was eventually selected due to its advanced technology, strong engineering capabilities, innovative design, experience and proven track record in the oil & gas field.
Said Mr Robin Ting, Executive Chairman: “This contract represents our biggest contract win in 2015 till date. In addition to our recent contract wins in EPCC and CE projects in several countries in the region, our Group is on track to deliver consistent revenue to negate challenging times for our industry. Our group is also hopeful for more of such orders in future.
"We embarked on a leasing model a while back and we will also aim to grow the leasing business further and add more modules and equipment under the segment. Besides looking at the Liftboat segment, we are also planning to go for MOPU1 units and diversify our product range.” |
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