Archives: January 2012

MONEY DEALS

January 26, 2012 6:41 am Published by Leave your thoughts

Labuan Shipyard and Engineering Sdn Bhd (LSE) has announced of a new agreement with its bank for facilities of up to USD16million, which include trade facilities for the engineering, construction, testing and delivery of 77 meters Dynamic Positioning 2 (DP2) Diesel Electric Propulsion Platform Supply Vessel (PSV).
LSE, with an orderbook of US54 million, is targeting USD100 million revenue and USD6 million net profit this year as it aims to secure several new projects, including fabrication works, and shipbuilding and repair over the next two years.

CEO Mohd Azman Nasir said it has been shortlisted for four major fabrication works from Petronas and Shell, and expects to secure at least two contracts with a total value of at least USD48 million.

He said it also plans to bid for fabrication contracts from Murphy Oil and Hess next month.

“We are also looking at shipbuilding projects from local companies, including one with Tanjung Kapal, which wants to build more PSVs,” he said.

He added that LSE is also eyeing several major vessel repair works from the government and is confident of securing jobs for at least three vessels valued at over USD16 million each.