Trio-Tech International announced today that its PT SHI Indonesia subsidiary, a Batam-based manufacturer, equipment fabricator and provider of project management services for the oil and gas industry, has been awarded contracts valued at a total of $2.9 million to manufacture components for mobile offshore production units and living quarters for customers involved in offshore oil exploration in Southeast Asia. Work under these contracts is expected to be completed in September 2011.
“PT SHI Indonesia, which Trio-Tech acquired in 2009, has responded to a number of requests for quotes for similar fabrication and other services by potential oil and gas industry customers during the past several months. We believe that the flow of new business opportunities remains strong, driven by the surge in oil and gas exploration in the region that is expected to last for many years. Trio-Tech invested heavily in PT SHI Indonesia during the fiscal year ended June 30, 2011, especially during the fourth quarter, to position us to take advantage of this increase in demand. These investments are now beginning to yield the incremental business we anticipated. We continue to believe that PT SHI Indonesia has the potential to become an important source of long term growth for Trio-Tech,” said CEO S. W. Yong.
About Trio-Tech
Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group pursuing aggressive interest in semiconductor test and manufacturing, oil and gas equipment fabrication, solar products and real estate.
[mappress] Source: Trio-Tech International, July 13, 2011;