Federal International unit overcomes Swiber fallout, bags EPCI deal

Singapore

THE Indonesian associate of mainboard-listed procurement specialist Federal International (2000) - PT Gunanusa Utama Fabricators (PTG) - has overcome the odds from the judicial management application of its initial bid consortium partner, Swiber Offshore Construction, to land an engineering, procurement, construction and installation (EPCI ) project valued at US$155 million from Thailand's national oil company (NOC) PTT Exploration and Production (PTTEP).

Federal International's executive chairman KK Koh suggested in an interview with The Business Times that the letter of intent (LOI) for the award of the EPCI project also lent additional justification for the listed procurement specialist to expand its stake in PTG. This project is tied to the Zawtika Phase 1C gas project off Myanmar.