Crest Petroleum Bhd News

Wärtsilä has been contracted to supply integrated power solutions to six new offshore Pipe Laying Vessels (PLVs) being built for operation in Brazilian waters. The majority of these orders were booked before the second quarter of 2012. The PLVs will be operating for the Brazilian multinational corporation Petrobras for the construction of pipelines from offshore oil rigs to the mainland. The six vessels are to be built by three different companies at yards in the Netherlands, Brazil and South Korea. The Wärtsilä solutions selected for the six vessels include design, main engines, and propellers and will be delivered during the fourth quarter of 2012 and the first quarter of 2013.

First Wave/Newpark Shipbuilding has won a contract from Sasaran Perdana Sdn Bhd, a wholly owned subsidiary of Crest Petroleum Bhd, for the drydocking, repair and refurbishment of the semi-submersible tender assisted platform drilling rig to be renamed the Teknik Hidayat. The refurbishment will be performed at First Wave's Pelican Island Facility in Galveston, Texas and is expected to continue into the fourth quarter 2002. The rig is expected to arrive in Galveston in mid-June 2002.

First Wave/Newpark Shipbuilding announced today that it has terminated its contract with Crest Hidayat Limited, a Malaysian company, due solely to the failure of Crest Hidayat Limited to meet its payment obligations under the contract and the failure of its parent corporation, Crest Petroleum Bhd, to fulfill its obligations as guarantor under the contract. Crest Petroleum has publicly reported the difficulty to be the result of the suspension of its credit sources. Crest has further advised the company that it is seeking to establish new funding for the project. The contract, announced by the company in June 2002, involved the repair and conversion of a semi-submersible drilling rig Teknik Hidayat, formerly known as Pan Producer, to a self-erecting tender-assist rig.