SembMarine bags vessel servicing deal
Sembcorp Marine is building on its reputation in the repair and maintenance of liquefied natural gas (LNG) carriers by signing a contract with BG LNG Services.
SembMarine's maintenance and refit contract will boost Singapore's ambition to be an LNG hub.
SembMarine yesterday said its Sembawang Shipyard unit won the contract to repair, refurbish, upgrade and provide related services for BG LNG carriers that trade in the Far East.
BG LNG Services is a subsidiary of BG Group, a world leader in natural gas and partner of Singapore's Energy Market Authority, is to supply Singapore with up to three million tonnes of LNG per annum for up to a period of 20 years.
SembMarine's long- term maintenance and refit contract will boost Singapore's ambition to be an LNG hub and reinforces Sembawang Shipyard's leadership position in the specialised field of repairing and refurbishing LNG carriers.
'Sembawang is one of the safest, most technically competent and efficient yards in the world for refitting LNG carriers,' said BG LNG Services president Allyn Risley.
'This long-term arrangement will benefit both companies and ensures our drydock work is conducted in a safe, timely and cost-effective manner. We look forward to achieving continuous improvement over the coming years by combining our knowledge and learning from our shared experiences.'
Under the deal, five LNG carriers are now scheduled to undergo drydocking and repairs at Sembawang Shipyard this year, with others scheduled later.
The contract is not expected to have a material impact on SembMarine's net tangible assets or earnings per share for the year ending Dec 31, 2009.
Besides the contract with BG LNG Services, Sembawang Shipyard has an ongoing deal with Northwest Shelf Shipping Services Company Australia covering its seven LNG carriers. That deal was signed in December last year.
SembMarine shares closed 14 cents higher at $1.96 yesterday.
SembMarine's maintenance and refit contract will boost Singapore's ambition to be an LNG hub.
SembMarine yesterday said its Sembawang Shipyard unit won the contract to repair, refurbish, upgrade and provide related services for BG LNG carriers that trade in the Far East.
BG LNG Services is a subsidiary of BG Group, a world leader in natural gas and partner of Singapore's Energy Market Authority, is to supply Singapore with up to three million tonnes of LNG per annum for up to a period of 20 years.
SembMarine's long- term maintenance and refit contract will boost Singapore's ambition to be an LNG hub and reinforces Sembawang Shipyard's leadership position in the specialised field of repairing and refurbishing LNG carriers.
'Sembawang is one of the safest, most technically competent and efficient yards in the world for refitting LNG carriers,' said BG LNG Services president Allyn Risley.
'This long-term arrangement will benefit both companies and ensures our drydock work is conducted in a safe, timely and cost-effective manner. We look forward to achieving continuous improvement over the coming years by combining our knowledge and learning from our shared experiences.'
Under the deal, five LNG carriers are now scheduled to undergo drydocking and repairs at Sembawang Shipyard this year, with others scheduled later.
The contract is not expected to have a material impact on SembMarine's net tangible assets or earnings per share for the year ending Dec 31, 2009.
Besides the contract with BG LNG Services, Sembawang Shipyard has an ongoing deal with Northwest Shelf Shipping Services Company Australia covering its seven LNG carriers. That deal was signed in December last year.
SembMarine shares closed 14 cents higher at $1.96 yesterday.