Sembcorp Marine’s Unit Secures US$63m Worth Of Contracts
Sembcorp Marine’s wholly-owned subsidiary, SMOE has secured a contract worth about US$175 million, under PT SMOE Indonesia, in a consortium with PT Rajawali Swiber Cakrawaka, from Permier Oil Natuna Sea B.V. for the engineering and construction of two wellhead platforms, two infield sub-sea pipelines and modification works on an existing facility for the Naga and Pelikan Project, offshore Indonesia. The cooperation with PT Rajawali Swiber Cakrawala recognised the strengths in both parties and helped to score the contract win, which was PT SMOE Indonesia’s second contract with Premier Oil Natuna Sea B.V.. SMOE’s scope of work will be worth US$63 million, entailing engineering design, procurement, construction, offshore hook-up and commissioning of the two platforms and modification work. The work will commence in July 2012 with offshore completion by September 2013.
Significance: While the win is not expected to have any material impact for Sembcorp Marine this year, going forward, the completion of the project will be able to provide a boost to its financial performance.
LionGold Proposes A$3.77m Takeover Offer For Brimstone Resources
LionGold Corporation announced that it has entered into an implementation deed to acquire 100 percent-stake in Brimstone Resources, an unlisted public company registered in Western Australian specialising in the area of gold exploration and mining development. The takeover offer amounts to A$3.77 million or A$0.19 per share, which will be satisfied by the allotment and issue of new LionGold shares at an issue price of $1.0039 per share. Notably, Brimstone has beneficial interests in the Golden Feather Tenements (Penny Finds Project) comprising of 36 mining leases in north east of Kalgoorlie, Western Australia and a large exploration license located at Stawell in Western Victoria, Australia. Separately, LionGold has also entered an agreement to acquire the entire stake in Amayapampa Gold Project in Bolivia for US$7 million.
Significance: Liongold’s geologists consider the assets of Brimstone as highly attractive and the company is of the view that this acquisition will further contribute to its overall strategy of building up a significant resource base.
ES Group Launches First Bunker Vessel For Charter
Catalist-listed ES Group (Holdings) launched the 3,400 dead-weight-tonne Sea Tanker I, the first of its two bunker vessels contructed at ES Group’s 50 percent-owned subsidiary in Thailand, thereby marking the group’s major milestone to establish its vessel-owning and chartering business as well as the expansion beyond its current core businesses. Notably, long-term charter agreements have already been secured for both vessels to operate in the South East Asian waters. Upon delivery in 3Q12, Sea Tanker I will be chartered to Sea Hub Tankers while the second bunker vessel is scheduled for completion and deployment in the second half of this year.
Significance: The venture into vessel-owning and chartering will allow ES Group to ride on the growth in this expanding industry with Singapore seen as a shipping hub and the world’s largest bunker port by volume.