Technics Group Secures Two Contracts Worth S$2 Million From Modec International LLC

abarrelfullabarrelfull wrote on 08 Oct 2014 07:14
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11 November 2003

SESDAQ-listed Technics Group Holdings Limited ("Technics"), a specialist engineering service provider supporting the offshore oil and gas industry, today announced it has successfully secured two contracts worth an estimated S$2.0 million from MODEC International LLC. This follows earlier contracts secured from the Sakhalin II project in Russia and East Area - Additional Oil Recovery Project in Nigeria. In total, Technics has secured an estimated S$5.2 million worth of contracts in the last 2 months.

These two contracts involve the supply and installation of process skid packages and pressure vessels on a floating production storage and offloading vessel (FPSO) for the Baobab Field Development Project, off the Ivory Coast of West Africa. MODEC International LLC, a joint venture company between FMC Technologies and the MODEC/Mitsui group, is one of the leading providers of specialized marine equipment, floating production equipment and project management and engineering services to the offshore industry. The expected delivery dates for the two contracts are by the end of March 2004.

Commenting on the contracts, Mr Robin Ting, Managing Director of Technics, said: "We are delighted to have bagged the two contracts. This is a testimony of our continued commitment to expand our customer base and to diversify our geographical markets. These contracts also reflect the buoyant offshore oil and gas sector which is expected to enjoy robust growth. We will continue to aggressively seek new contracts especially in Russia and Africa".

None of the directors and substantial shareholders has any interest directly or indirectly in the contracts.


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