Indonesia: PT Marcopolo Shipyard Bags Ship Outfitting Contract Worth USD 17.6 Million

Marco Polo Marine Ltd, a growing integrated marine logistic group, announces that its wholly-owned subsidiary, PT Marcopolo Shipyard, has secured a ship outfitting contract for a construction vessel with a third-party customer worth S$22.5 million.

Pursuant to the Contract, PT MPSY is responsible for the engineering, procurement and installation of equipment for an existing hull equipped with DP 3 notation. The Contract, which will involve the most sophisticated and complex vessel to be handled by PT MPSY, will, apart from boosting the Group’s revenue generated from its shipyard operations, further expand the repertoire of the Group’s ship repair and conversion business.

Mr Sean Lee, the CEO of the Group, in thanking the customers for their confidence in the capabilities of the Group’s shipyard, remarked that “the Group will continue to strive to provide safe and high quality services to its customers”.

Following the procurement of the Contract, the total value of ship new build, repair and conversion projects secured by MPM to date has reached S$57.5 million. Revenue from the Contract will be recognized progressively over a [12]-month period based on the work done and is expected to contribute positively to the Group’s consolidated profit after tax for the financial years ending 30 September 2012 and 30 September 2013.

(22,5 million Singapore dollars = 17.61 million U.S. dollars)

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Shipbuilding Tribune Staff, January 19, 2012; Image: marcopoloshipyard