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Summit Power International unit bags US$100m contract with consortium

A SUBSIDIARY of Singapore-based Summit Power International has clinched a US$100 million contract with a marine work contractor consortium for a floating liquefied natural gas (LNG) storage and regasification terminal in Moheskhali, in the Cox's Bazar district of Bangladesh.

The consortium is made up of Geocean SAS and MacGregor.

Under the contract, Summit LNG Terminal will design, build and install the fixed infrastructure for the terminal.

The project is expected to be completed 16 months from now, or in the first quarter of 2019.

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Separately, Summit Power has appointed three new non-executive independent directors to its board in a move to strengthen the group's strategic leadership and corporate governance.

It announced last week that the three directors are Abdullah Tarmugi, former Speaker of Parliament; Lim Hwee Hua, who was previously a Minister in the Prime Minister's Office and Second Minister for Finance and Transport; and Tang Kin Fei, who was group president and chief executive of Sembcorp Industries before retiring on March 31.

All three new appointments took effect from Nov 1.