PSE Secures Contract for Construction of Seismic Vessel

Klang: Port Shipyard & Engineering Sdn Bhd has secured a new-build contract estimated to be worth RM80 million for the construction of 2 (two) units of Seismic vessels.

After several months of negotiations, the 1+1 contract was finally awarded by PT Asmi Nusantara, a shipping consultancy company based in Indonesia, and signed by both parties very recently in March 2010.

Both parties are finalizing further details of the vessels and are expecting to begin construction of the first vessel by end of this year. Delivery of the first Seismic/Survey Vessel is expected to be within 18 months once construction starts at PSE’s shipyard in Kampung Pendamar near Port Klang.

Upon completion, the 62 meter vessels will be able to chartered for a variety of marine seismic, hydrographic and oceanographic operations especially to oil & gas companies operating within South East Asia where marine data acquisition is of vital importance.

The ship is designed for effective and safe seismic operations, with low running costs, good sea-keeping capabilities, and low outboard and inboard noise.

The contract is expected to contribute positively to PSE’s earnings for the financial year ending March 31, 2011 and 2012, PSE added.