Singapore, 14 July 2014 – CSE Global Limited (“CSE” or the “Group) announced
today that its wholly-owned Australian subsidiary, CSE-Comsource Pty Limited
(“CSE-Comsource”) has secured an initial three year term contract with a customer
in Australia to supply Telecommunications and CCTV Equipment Support Services.
The contract allows for a further extension of four years over and above the initial
three year period. These services will be provided from CSE-Comsource offices in
Perth and Darwin for the customer’s offshore facilities in the Bayu Undan field
located in the Timor Sea and at the Darwin LNG plant. This reinforces and extends
CSE-Comsource’s relationship with the customer over the last 7 years.
CSE is also pleased to announce that its US-based subsidiary, CSE W-Industries,
Inc. has recently clinched an order for a chemical injection system for a deepwater
floating production facility in the Gulf of Mexico.
The total value of these two projects is approximately S$27 m.
Mr Lim Boon Kheng, Group Managing Director of CSE, said, “We are glad to have
won these two projects. It is a testament of our strong track record and the value-add
that we offer to our customers. These projects are expected to contribute positively
to CSE’s financial performance for the financial years from 2014 and beyond.”
For the current financial year, these contracts are not expected to have any material
impact on the consolidated net tangible assets per share or earnings per share of the
Group. None of the directors or substantial shareholders of CSE has any interest,
direct or indirect, in the contracts.
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