Singapore: Marco Polo Marine Wins Contract to Construct Eight Units of Offshore Barges

Marco Polo Marine Ltd, a growing integrated marine logistic group, is pleased to announce that the Group has secured a ship building contract to construct eight units of offshore barges with an existing customer, worth approximately S$3.4 million.

Construction of the eight units of offshore barges is expected to begin in August 2011 at the Group’s shipyard in Batam with delivery scheduled in October 2011.

Mr Sean Lee, the CEO of the Group, commented, “We are pleased to have recurring orders placed by our customers as such repeat orders further strengthen our Batam shipyard’s position as a one-stop service centre that provides a suite of integrated marine logistic services ranging from ship building, ship conversion to ship repair. This contract is expected to contribute to the profitability of the Group’s shipbuilding activities for the financial year ending 30 September 2012.”

Marco Polo Marine is an integrated marine logistic company serving the energy sector in Indonesia and the region. The Group is a substantial player in the transportation of Indonesian coal for domestic use and exports. In Thailand and Australia (and soon Indonesia), the Group’s growing fleet of offshore supply vessels support deep sea oil & gas exploration. A wholly-owned shipyard in Batam undertakes ship building and ship repair for the Group as well as third parties by providing Singapore quality at Indonesian costs. The shipyard occupies a total land area of approximately 34 hectares, with a seafront of approximately 650 metres and has two dry docks to undertake ship repair and conversion services.