Technics Oil and Gas consortium bags $166m contract to set up gas facility

SINGAPORE - Technics Oil and Gas and its Middle East partner have received a letter of award to set up a $166 million gas processing facility in South Asia.

The mainboard-listed firm said on Wednesday that the contract includes two years of operations and maintenance for the facility.

The contract is not expected to have positive material impact on the earnings per share for the financial year ending September 2014, the firm said.

It holds a 70 per cent stake in the consortium while its partner holds the remaining 30 per cent.

"Given our recent successes in Engineering, Procurement, Construction and Commissioning (EPCC) and Contract Engineering (CE) projects in several countries in the region, we are witnessing higher interest level and support from large multi-national corporations while we maintain strong ties with key customers," said Mr Robin Ting, executive chairman of Technics.