Singapore: Marco Polo Marine Secures Two Shipbuilding Contracts

Marco Polo Marine Ltd, a growing integrated marine logistic group, announced that the Group has secured two ship building contracts from its associated company, PT Pelayaran National Bina Buana Raya (“BBR”), each for the construction of a 5,400bhp AHTS worth about US$13.5 million.

The two units are expected to be completed and delivered in late 2012. Upon delivery, these vessels will be flagged as Indonesian vessels and be deployed by BBR to provide services to the booming offshore oil and gas industries in Indonesia. Mr Sean Lee, the CEO of the Group, commented, “With the booming oil and gas industries in Indonesia, our effort in putting our footprint in the industries is well paying off. Going forward, we will continue to leverage with our shipyard facilities to expand our fleet in the industries and benefit from the brisk demand in this region.”

The ship-building contract is expected to contribute positively to the Group’s consolidated profit after tax for the financial year ending 30 September 2012.

Marco Polo Marine is an integrated marine logistic company serving the energy sector in Indonesia and the region. The Group is a substantial player in the transportation of Indonesian coal for domestic use and exports. In Thailand and Australia (and soon Indonesia), the Group’s growing fleet of offshore supply vessels support deep sea oil & gas exploration. A wholly-owned shipyard in Batam undertakes ship building and ship repair for the Group as well as third parties by providing Singapore quality at Indonesian costs. The shipyard occupies a total land area of approximately 34 hectares, with a seafront of approximately 650 metres and has two dry docks to undertake ship repair and conversion services.

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Source: MarcoPolo, October 18, 2011.