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Federal International's associate bags US$150m Lot 2 Thai deal
MAINBOARD-LISTED oil and gas procurement specialist Federal International (2000) said after trading hours on Friday that its Indonesian associate PT Gunanusa Utama Fabricators (PTG) has secured a second award valued at about US$150 million from Thailand's national oil company, PTT Exploration & Production (PTTEP).
Federal International said PTG has received confirmation from PTTEP to proceed with Lot 2 of the Zawtika 1C project. Lot 2 comprises two wellhead platforms, associated pipelines and tie-ins.
Federal International will support PTG in procurement, management and other ancillary services.
Combining with Lot 1 that was first announced as a letter of intent from PTTEP, Federal International said the aggregate value of the awards for Zawtika 1C to PTG is about US$305 million. Project completion is in the second quarter of 2018.
A company executive told The Business Times that Federal International's scope of work for Lot 1 and Lot 2 of the Zawtika 1C project is about US$85-90 million.
Federal International owns 20.66 per cent interest in PTG.