Technics Group Secured Two Contracts Worth An Estimated S$1.8 Million

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26 January 2004

SESDAQ-listed Technics Group Holdings Limited ("Technics"), a specialist engineering service provider supporting the offshore oil and gas industry and packager of gas compression equipment, today announced it has successfully secured two contracts, worth an estimated S$1.8 million from Keppel Group and Otec Kemajuan Sdn. Bhd.

The first contract worth an estimated S$0.5 million involves the supply of Bulk Handling Systems to Keppel Group for installation on its supply boats. The expected delivery date for this contract is by the end of June 2004.

The other contract - an EPCC (engineering, procurement, construction and commissioning) contract involves the supply of a Vapour Recovery Compressor Package for E11 Rejuvenation Project in Sarawak for Sarawak Shell Berhad. This contract is worth an estimated S$1.3 million and is expected to be delivered by the end of August 2004. This contract is in conjunction with our principal, Cooper Energy Services for its Malaysian Customer Sarawak Shell Berhad.

Commenting on the contracts, Mr Robin Ting, Managing Director of Technics, said: "We are delighted to receive an order from our long-standing customer, Keppel Group and also from a new customer, Sarawak Shell Berhad, which furthers our relationship with the Shell group worldwide following our recent contract with Shell Nigeria for the Bonny Terminal Project. This reflects our continued commitment to expand our customer base and to diversify our geographical markets. Malaysia offers us great opportunities to participate in its vibrant oil and gas industry. So far, we have been on a pro-active marketing drive to expand into new geographical markets to secure projects to boost both our top and bottomline.

"These two contracts will contribute towards the Group's performance in FY2004 as we continue to drive growth beyond our existing markets, which are primarily Singapore and Vietnam. In recent months, the Group has successfully secured projects in new markets such as Australia, Russia and Africa, which are some of the world's biggest oil and gas markets."

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