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Technics Oil & Gas bags $50.4m liftboat order

Technics Oil & Gas bags $50.4m liftboat order
Singapore-based Technics Oil & Gas has bagged a SGD70.5m ($50.4m) liftboat order with an option for a second.

The undisclosed customer from Malaysia has ordered a multi-purpose self-propelled, self-elevating platform capable of operating at water depths of up to 70 m. The vessel is expected to be deployed in Malaysia once it is delivered within the next two years.

The company has an option for a second liftboat with Technics that needs to be exercised within six months.

“This contract represents our biggest contract win in 2015 till date,” said Robin Ting executive chairman of Technics.

“In addition to our recent contract wins in EPCC and CE projects in several countries in the region, our group is on track to deliver consistent revenue to negate challenging times for our industry and propel our group forward.”