OTTO MARINE wins S$47.9 million deal from Petronas vendor
OTTO MARINE, a leading offshore marine group, has won a 3-year bareboat charter contract from Petra Resources Sdn Bhd for a 300-man accommodation work barge.
Petra has the option to purchase the work barge at the end of the 6th, 12th, 24th and 36th month at pre agreed option prices. At the end of the 3-year charter period, Otto Marine has a put option to sell the vessel to Petra at a pre-determined price.
Taking into account proceeds from the vessel sale, the deal is worth some US$34.2 million (S$47.9 million).
Otto Marine is a shipbuilding, ship chartering and specialized offshore services group while Petra is a licensed vendor of Malaysia’s national oil company, Petronas.
Petra is also part of the KLSE-listed Petra Energy Group, which provides integrated brown field services for the upstream oil & gas industry and specialist services for the petrochemical and general industries.
The deal is not expected to have a material effect on Otto Marine’s earnings for the financial year ending 31 Dec 2010.
Related story: OTTO MARINE: Seismic foray backed by marine tycoons BT Tan and KS Tan
COMTEC wins solar wafer deal
COMTEC SOLAR Systems, a leading PRC-based manufacturer of mono crystalline solar wafers, today won a deal to provide additional 40MW large-size wafers for Nasdaq-listed China Sunergy.
Under the agreement with China Sunergy, the Group will produce 40MW 156 X 156mm high quality wafers for China Sunergy from March to December 2010.
A solar wafer is a pure crystalline silicon formation used to make the solar cells that generate electricity from sunlight.
Enquiries for orders have been positive, according to Mr John Zhang, the Chairman and CEO of Comtec Solar.
To satisfy the growing demand from customers, Comtec is expanding its annual capacity to 504MW by the end of June and 600MW by 3Q2010.
The customer, China Sunergy, sells solar cell products to Chinese and overseas module manufacturers and system integrators for assembly into solar modules and solar power systems.
Related story: COMTEC: Thin wafers, thick margins
