Catalist-listed ES Group (Holdings) Limited announced today that its wholly-owned subsidiary, ES Offshore Engineering Pte. Ltd., has been awarded a new contract to construct two jack-up blocks for a major Singapore shipyard.
This project comes on the back of numerous similar construction contracts awarded by the same customer. Construction for the two jack-up blocks of approximately 680 metric tonnes in total has commenced in June 2011 and is scheduled for delivery in the first quarter of the financial year ending 31 December 2012 (“1Q2012”).
The revenue from the project is expected to contribute to the Group’s financial performance in the second half of the financial year ending 31 December 2011 and 1Q2012.
Jack-up blocks form part of a jack-up’s main hull. Such units are temporarily stationed at an offshore field for drilling oil wells; upon completion, the jack-up drilling rig is floated to a new field location. Jack-ups are outfitted with legs that allow the main hull to be raised out of the water for operation and lowered into the water for transit from one location to another.
ES Group’s Chief Executive Officer, Mr Christopher Low, s aid, “Repeat orders such as these provide a continual boost to our ongoing efforts to deliver world class quality vessels on time and within budget and strengthen our Group’s position in the offshore and marine fabrication sector.”
For the financial year ended 31 December 2010, ES Group reported S$1.6 million in net profit attributable to the owners of the Company on a turnover of S$41.1 million.
About ES Group
ES Group is a Singapore-headquartered marine and offshore group involved in new building, conversion and repair of ocean-going vessels. The Group designs, builds, converts and repairs a wide range of vessels, such as tugs, barges, rigs, offshore support vessels, oil tankers and cargo ships. The Group performs repairs on marine and offshore structure and vessels of all types and sizes, whether afloat or drydocked. ES Group’s customers are vessel owners as well as shipyards in Singapore including Sembawang Shipyard, Keppel FELS and ST Marine.,
[mappress] Source: ES Group, June 20, 2011.