|Contents||The Board of Directors of the Company are pleased to announce that Handal Offshore Services Sdn Bhd (HOSSB), a wholly owned subsidiary of the Company has jointly with PT Encona Inti Industri (“Encona”) and PT Cakra Daya Energy (“Cakra”) submitted to Pertamina Hulu Energi ONWJ Ltd (“Pertamina”), a tender in respect of the technical services for crane and lifting equipments operations and maintenance services (“the Joint Operation Venture”) under the name of Encona as the bidder, and Encona has on 9 August 2010 accepted the award by Pertamina of the Project valued at USD3,901,320.|
Encona, Cakra and Pertamina are companies incorporated in the Republic of Indonesia. Encona is an engineering, procurement and construction company in the business of oil and gas industry in Republic of Indonesia and is a duly licensed contractor with Pertamina, an established oil and gas producer in the Republic of Indonesia. Cakra is involved in exploration and production services of the oil and gas industry in the Republic of Indonesia and is also the exclusive representative for HOSSB’s services.
HOSSB has a 50% interest in the Joint Operation Venture whilst Encona and Cakra shares the other portion.
The Joint Operation Venture which is for a duration of three (3) years involves the operation, inspection and maintenance of up to 200 cranes in offshore of North West Java Sea, Indonesia. The Joint Operation Venture is expected to contribute positively to the Group's future earnings throughout the duration of the contract.
None of the Directors or major shareholders of HRB or persons connected to them have any interest, direct or indirect, in the Joint Operation Venture.
This announcement is dated 18 August 2010.