Singapore: Marco Polo Marine Wins Contract to Build Five Deck Cargo Barges

Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logistic group, announces that the Group has secured a ship building contract worth approximately S$10.5 million, to construct five deck cargo barges for PT. Pelayaran Nasional Bina Buana Raya (“BBR”), an associated company of the Group.

Construction of the five deck cargo barges is expected to begin in October 2011 at the Group’s shipyard in Batam with delivery scheduled in July 2012. Upon delivery, these vessels will be flagged as Indonesian vessels and be deployed by BBR to ferry various commodities for its customers within the Indonesian waters.

Mr Sean Lee, the CEO of the Group, commented, “We are very pleased that BBR again chooses our Batam shipyard to support its fleet expansion program. This contract will contribute to the profitability of the Group’s shipbuilding activities 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.

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Source: Marco Polo Marine Ltd, September 23, 2011.