Singapore-based Technics Offshore Engineering has won a S$70.5m ($50.3m) contract to construct a liftboat for a “well-established” Malaysian company for delivery in 2017.
The contract includes an option for an additional unit, which the unnamed client must exercise within six months, parent company Technics Oil and Gas Limited said in a filing to the Singapore Stock Exchange today.
The TOE 700-Series liftboat will be a multi-purpose self-propelled, self-elevating platform, capable of operating at water depth of up to 70 metres. It will be classed by ABS and deployed in Malaysia.
“This contract represents our biggest contract win in 2015 to date,” said Robin Ting, managing director of Technics Offshore Engineering and executive chairman of Technics Oil & Gas.
“We embarked on a leasing model a while back and we will also aim to grow the leasing business further and add more modules and equipment under the segment. Besides looking at the liftboat segment, we are also planning to go for MOPU1 units and diversify our product range,” he said of the engineering company’s plans for growth.