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NauticAWT unit snags US$2.5m turnkey project for 15 platforms in Indian waters
A SUBSIDIARY of Singapore-based subsea service provider NauticAWT has been awarded a US$2.5 million contract for a brownfield project in Indian waters.
Catalist-listed NauticAWT said in a filing to the Singapore Exchange after trading closed that its wholly owned subsidiary, Nautic Offshore, has been awarded a two-year turnkey project. It is expected to start in the fourth quarter of 2016.
It involves detailed engineering, repair and installation for brownfield assets of 15 ageing platforms in Indian waters.
Nautic Offshore is responsible for the entire subsea repair work including survey support, detailed engineering, installation support and grouting using its proprietary Ultra High Performance Cementitious materials.
The project is part of the Life Extension of Wellhead Platforms-2 (LEWP-2) project from India-based AFCONS Infrastructure, and is one of the biggest brownfield revamping projects of its kind to date in Indian waters, the filing noted.
Valued at US$2.5 million, it will bring the total value of contract work to be commenced in India in the second half of 2016 to US$3.6 million.
The contract is not expected to have a material impact on the consolidated net tangible assets per share and earnings per share of the group for the current financial year ending Dec 31, 2016, said the filing.
NauticAWT's counter last traded on July 29 at S$0.124.