On September 20, 2012, the Board of Directors of Federal International (2000) Ltd announced that a consortium which comprises, amongst other parties, PT Eastern Jason, has secured a charter contract to supply a Floating Storage Offloading (“FSO”) vessel for a period of 5 years and renewable for a further period of 5 years, pursuant to a tender exercise.
PT Eastern Jason is a company incorporated under the laws of the Republic of Indonesia in May 2012 and is in the business of providing marine transportation services. It is a joint venture company between Eastern Jason Fabrication Services Pte Ltd (“EJFS”) (a subsidiary of the Company) and PT Pratama Unggul Lestari (“PTPUL”). Its issued and paid up capital is 70% owned by PTPUL with the remaining 30% owned by EJFS.
The Charter Contract is not expected to have a material impact on the earnings per share and the net tangible assets per share of the Group for the financial year ending 31 December 2012.
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Source: Federal International, September 27, 2012