Hiap Seng Secures US$8.4-million Vietnamese Refinery Contract
Mainboard-listed Hiap Seng Engineering Limited, a specialist integrated engineering group for the oil and gas, petrochemical and pharmaceutical industries, Wednesday announced that it has secured one of five turnaround maintenance contracts awarded for Vietnam’s Dung Quat Refinery at approximately US$8.4 million (S$10.5 million).
Awarded by Binh Son Refining & Petrochemical Co Ltd, a company under PetroVietnam, the contract involves Hiap Seng providing maintenance, overhaul and repair services including inspection, testing and cleaning of process equipment parts for the 148,000-barrels per day refinery in Binh Son district, Vietnam’s Quang Ngai province.
Slated to commence in July 2011, the refinery turnaround maintenance work is expected to be completed by September 2011.
“We are honoured to be a part of Vietnam’s first refinery project. This award, which represents a major part of the refinery’s first turnaround maintenance, is a testimony to our strong track record and reputation in the execution of maintenance and engineering services for refineries and other processing plants,” said Frankie Tan, Chairman and CEO of Hiap Seng.
Hiap Seng said it expects the contract to have a positive impact on its financial performance for the financial year ending 31 March 2012.
Hiap Seng Engineering Limited closed on Wednesday at S$0.545.
CSE to Implement Hospital Patient Management System at Cornwall Hospitals in UK
CSE Global Limited on Tuesday announced that CSE-Global (UK) Ltd, its fully-owned subsidiary in the UK, has been awarded a contract to implement Oceano, its new hospital patient management system, within the emergency and casualty departments at Royal Cornwall Hospital and West Cornwall Hospital.
The Oceano system provides a functionally rich and highly intuitive interface for clinicians and other system users. It is part of the Oceano integrated hospital patient management system, which was developed using the latest Microsoft technologies, including Silverlight, WCF and SQL Server.
CSE Global Limited closed on Wednesday at S$1.270.
Hyflux and PUB Sign Water Purchase Agreement for Singapore’s Largest Desalination Project
Hyflux Limited, through its wholly-owned subsidiary, Tuaspring Pte Ltd, and PUB, Singapore’s national water agency, signed a 25-year Water Purchase Agreement on Wednesday for Singapore’s largest desalination plant.
Under the agreement, Tuaspring, as the concession company, will deliver desalinated water to PUB over a 25-year period from 2013 to 2038.
The desalination plant, to be located in Tuas, will be constructed under a Design, Build, Own and Operate model. It is expected to commence operations in 2013 and will add another 70 imperial million gallons or 318,500 cubic metres of desalinated water a day to Singapore’s water supply.
The first-year price for the desalinated water is S$0.45 per cubic metre.
Hyflux Limited closed on Wednesday at S$2.150.
OKP Clinches S$61.7-million LTA Contract for Roadworks
OKP Holdings Limited, an infrastructure and civil engineering firm, Wednesday announced that it has clinched a S$61.7-million design-and-build contract from Singapore’s Land Transport Authority (LTA) to undertake roadworks at the interchange at Tampines Expressway/Sengkang West Road/Seletar Aerospace Way.
This latest contract, secured by OKP’s wholly-owned subsidiary, Or Kim Peow Contractors Pte Ltd, is OKP’s third contract win since the year started.
Last month, it secured a S$4.2-million contract to extend sewers in various locations and in February, it announced a S$28.5-million contract to undertake the widening of Old Choa Chu Kang Road from Sungei Tengah Road to Lim Chu Kang Road.
Work on the new project has started and is targeted to be completed in October 2014.
With the latest contract, the group’s total gross orderbook stands at S$375.8 million based on secured civil engineering construction contracts, with projects stretching up to 2014.
OKP Holdings Limited closed on Wednesday at S$0.650.
Dyna-Mac Signs MOU with SBM Offshore for S$50 million Project
Newly-listed Dyna-Mac Holdings Limited, a multi-disciplinary specialist provider of detailed engineering, procurement and construction services to the offshore oil and gas, marine construction and other industries, announced that it has signed a Memorandum of Understanding with SBM Offshore NV to supply topside modules for a floating vessel called “OSX-2.”
This latest deal has an estimated value of about S$50 million.
The OSX-2 will be chartered to Brazilian firm Petroleo e Gas Ltda and deployed on oil fields in the Campos Basin offshore of Brazil.
Dyna-Mac Holdings Limited closed on Wednesday at S$0.645.
Eratat Places 45 million New Shares at S$0.202 Per Share
Eratat Lifestyle Limited Wednesday announced it has agreed to place 45 million new shares at S$0.202 each, raising net proceeds of about S$8.78 million.
The placement represents about 9.78 per cent of the company’s enlarged issued share capital after the placement.
At S$0.202 per share, the placement price represents a discount of 9.74 per cent to the volume weighted average price of S$0.2238 of the company’s shares traded on April 5.
Eratat said it plans to use the money for general working capital purposes to increase its revenue and expand its distribution network.
Stirling Coleman Capital Limited was appointed the placement agent.
