SembCorp Brazil Wins $149M Offshore Contract

Monday, June 18, 2001
SembCorp Marine Ltd.'s Brazilian joint venture had secured its first contract, worth $149 million, for the fabrication of topside production modules in offshore Brazil. The firm said the contract for Maua Jurong SA, the Brazilian joint-ventue of Jurong Shipyard Pte Ltd, was to build topside fabrication modules for the Barracuda and Caratinga fields in offshore Brazil. It said the contract was awarded by Halliburton Productos Ltda, the Brazilian affiliate of Kellog Brown & Root Inc., with fabrication work expected to start in mid-June 2001 and completion scheduled in late 2002. Last month SembCorp Marine said Jurong Shipyard had won a project worth about $80 million from Kellog Brown & Root to convert a crude oil tanker into an oil platform. This project involved the conversion of a 270,000 dwt crude carrier to a floating production, storage and offloading platform to be stationed offshore from Brazil. Jurong Shipyard invested $8.8 million for a 70 percent stake in the Brazilian joint venture for conversion and construction of floating production and drilling units for deep water oil and gas exploration and production. The Maua Group holds the remaining 30 percent stake in the venture. - (Reuters)

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