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Update On Contracts Clinched By CSE For The 2nd Quarter Of 2005
| Singapore (14 July, 2005) - Following the business update by CSE Global Ltd (CSE) on the 14th June 2005, and the order clinched in PRC by our US-based subsidiary, W-Industries, in the announcement dated 9th June 2005, we are pleased to inform that there was a follow-up order by ConocoPhillips China Inc to W-Industries to supply and install additional wellheads control systems for its off-shore platforms complex in the Gulf of Bohai, China, valued at S$10 million. This additional contract brings to a total of S$27 million worth of projects awarded by ConocoPhillips China Inc to CSE.
This add-on project is expected to be delivered in 2006 and 2007, and will only contribute positively to CSE's net profit in the next two financial years. Additionally, W-Industries has clinched several projects totaling S$18 million to supply and install wellhead control systems, chemical injection systems, and/or to perform instrumentation & electrical (I&E) work for some off-shore oil platforms in the Gulf of Mexico, and Mexico. This is testimony to the ability of W-Industries to penetrate the Gulf of Mexico and the Mexico market. These projects are expected to be completed by the middle of 2006, and will contribute to CSE's profitability for the current, and the next financial year. Lastly, CSE-Servelec, the UK-based subsidiary of CSE, was also awarded a contract worth about S$1.7 million to design, supply and commission a telemetry system for a natural gas producing customer in Syria. This project is expected to be delivered in the early first quarter of 2006. None of the Directors, or substantial shareholders of CSE has any interest, direct or indirect, in all the abovementioned contracts. |
| Published: Thursday, 14 July 2005 |
| Publication: SGX |
