BH Global Marine seizes two FPSO contracts worth $20 mln
The two contracts are expected to positively contribute to the supply chain management company's overall performance for financial years 2010 and 2011.
BH Global Marine Limited, a supply chain management company specialising in premium lightings, cables and electrical equipment for the marine & offshore and oil & gas industries, on Wednesday announced the securing of two major contracts which involved floating, production, storage and offloading (FPSO) vessels, a release from BH Global said.
BH Global said the first contract was inked with a prominent European owner who operates a sizeable fleet of FPSO vessels, and is very active in the global oil and gas industry.
According to the terms of the contract, BH Global will be providing EPCM services to a designated FPSO vessel, which upon completion will be deployed in the fields owned by Petrobras and Chevron. Leveraging on the Group’s existing presence in China, BH Global will commence joint execution with the owner in a major shipyard in China with targeted completion by end 2011, said the release.
“With these new orders coming in, we are encouraged to see signs of recovery from the slowdown experienced by the marine and offshore industry in the past months. We will continue to leverage on our enhanced capabilities and network, especially in China to boost our competitiveness in the region. These contracts marked a significant confidence for us to move towards becoming an integrated supply chain management company providing turnkey marine & offshore electrical solutions in the areas of EPCM – Engineering, Procurement and Construction Management,” said Mr Vincent Lim, Chief Executive Officer of BH Global
The second contract, on the other hand, was an order from a key local shipbuilder to handle the supply chain management for offshore cables for one of the FPSO conversion projects.
BH Global said both contracts, valued at aggregate of over S$20 million, are expected to contribute positively to the overall performance of the company, with 30% of the orders to be executed in financial year ending 31 December 2010, while the remaining will be recorded in FY2011.
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