FEDERAL INTERNATIONAL (2000) LTD Federal International (2000) Ltd
(Co. Reg. No. 199907113K)
47/49 Genting Road Singapore 349489
The Board of Directors ('Board') of Federal International (2000) Ltd (the 'Company' and together with its subsidiaries, the 'Group') wishes to announce that Federal Hardware Engineering Co. Pte Ltd ('FHEC') has signed a master procurement agreement ('Agreement') with PT Gunanusa Utama Fabricators ('PTGUF'). FHEC is a wholly‐owned subsidiary of the Group and PTGUF is an associate company in which the Group holds an equity interest of 20.7%.
Founded in 1980, PTGUF provides project management, engineering, procurement, construction, installation and commissioning ('EPCIC') services for both offshore and onshore projects in the oil and gas sectors, as well as for other heavy engineering projects. PTGUF is an established EPCIC company. In addition to its home market in Indonesia, PTGUF has completed projects in Myanmar, India, Thailand and Brunei. Its facilities include an 18 ha yard located about 120 km west of Jakarta. The yard has an 800 metre waterfront and 2 jetties, each with an 8,000 and a 10,000 ton load out capacity respectively.
The Group's strengths as a procurement specialist complement PTGUF's EPCIC capabilities. Under the Agreement, FHEC would provide procurement services to PTGUF for two of its on‐going projects and the procurement value for these projects is USD16.8 million. Together with PTGUF, the Group expects to be able to secure more projects.
As of the end of October 2015, the Group has a committed order book of S$48 million, which includes the two PTGUF projects. The Group will continue to actively pursue and bid for projects in the Southeast Asia region and in the People's Republic of China, as well as expand its product offerings.
The two PTGUF projects are not expected to have any material financial impact on the consolidated net tangible assets per share or consolidated earnings per share of the Company and the Group for the current financial year ending 31 December 2015.
Except for their shareholdings in the Company, none of the directors nor substantial shareholders of the Company has any interests in the Agreement between the Company and PTGUF. Shareholders and potential investors are advised to exercise caution when dealing in the Company's securities.
By Order of the Board Koh Kian Kiong
Executive Chairman and Chief Executive Officer 6 November 2015
About Federal International (2000) Ltd
Established in 1974 and listed on the Mainboard of the SGX‐ST in 2000, the Company is an integrated service provider and procurement specialist in the oil and gas, energy, utilities and infrastructure industries. From being a distributor of valves, the Company has transformed its business model to encompass research and development, design and manufacturing , as well as the supply and distribution of various flowline control products and related equipment for use in the oil and gas industries. The Company also owns and charters vessels under its Marine Logistics business segment. The Company's products include its own proprietary brands, as well as products from major manufacturers.
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