Goh Ban Huat secures US$20m FPSO project

by **Cals** Mon 11 Aug 2014, 23:04

Business & Markets 2014

Written by Gho Chee Yuan of theedgemalaysia.com

Monday, 11 August 2014 19:10

KUALA LUMPUR (Aug 11): Goh Ban Huat Bhd (GBHB) said it has secured a US$20 million contract (RM64 million) to provide management services and technical expertise for a floating production storage and offloading (FPSO) unit for the Layang Development Project off the coast of Sarawak.

In a filling with Bursa Malaysia today, GBHB said the company secured the contract from TH Heavy Engineering Bhd (THHE) through its associate company - Global Mariner Offshore Services Sdn Bhd (GMOS) - and that the letter of award came in on Aug 8.

Under the contract, GMOS will provide the technical expertise and the manpower to form the Project Management Team (“PMT”) for the Layang FPSO Project

"GMOS will principally take the lead in managing all technical matters in relation to the design and engineering, project management, offshore pre-commissioning and offshore commissioning and start up for the conversion project of FPSO Deep Producer 1," it added.

The company said the contract is effective from the date of acknowledgement of receipt of the Letter of Award by GMOS.

FPSO Deep Producer 1 is owned by Floatech (L) Ltd (“Floatech”), an 80% subsidiary of THHE.

Floatech was incorporated in Labuan on 19 August 2011 and is principally engaged in owning and operating the FPSO vessel.

GBHB said the contract is expected to contribute positively towards the earnings and net assets per share of the company for the financial years ending December 31, 2015 and December 31, 2016.

Shares of GBHB closed at RM2.20, up 2 sen or 0.92%, with 633,500 units traded.