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Penguin Marine Offshore Services (PMOS) of Singapore has been awarded a
$200 million (Dh734m) logistics management contract in The World
project.
A
company statement said the contract, which is expected to generate
potential revenues of $200 million over five years, was signed between
PMOS' Middle East joint venture, Penguin Marine Boats Services (PMBS),
and Nakheel, the world's largest privately-held property developer.
This
is the first major "World contract" awarded to a Singaporean firm and
was based on Penguin's 32-year experience in marine transportation.
PMOS is a wholly owned subsidiary of Penguin International Limited.
"Penguin
expects to support the project through joint ventures, strategic
partnerships, vessel charters and selective acquisitions, and is
currently evaluating various fund raising options as well," the
statement said.
The main work scope involves the operations and
management of a 87,000-square metre Construction Logistics Port at Port
Rashid, which has been purpose-built to handle the transportation of
all personnel, materials and equipment in support of construction
projects on a group of 300 islands in The World.
The contract,
awarded through an international competitive tender, also calls for
PMBS to provide a fleet of support vessels, including ferries, crew
boats, landing craft, tugs and barges and other specialised vessels.
Last year, PMOS mobilised nine Penguin vessels from Singapore to Dubai
under its PMBS joint venture.
The contract award comes less than
a year after PMBS secured its maiden job in the Middle East - a $4
million-a-year ship management and operations contract for a fleet of
10 new Dubai Creek Waterbuses owned by Dubai's Roads and Transport
Authority.
PMOS' General Manager and Director Captain Sairi
Ismail said the new contract will enable us to secure a major foothold
in the region. "We intend to mobilise personnel and resources needed to
make the most of this exciting market," said Sairi.
Penguin's
Founder and Executive Chairman, Heng Kheng Seng, said: "We are excited
about the prospects of our business in the Middle East, and are
committed to supporting the long-term growth of this region."
PMBS
is a 49-51 joint venture set up last year and owned respectively by
PMOS and local partner Demat Group, a Sharjah-based marine services and
equipment provider in the Middle East, with interests in aluminium ship
design, ship building and ship owning.
Earlier this year,
another Penguin group company, Pelican Offshore Services Pte. Ltd.,
secured a long-term time charter for a new anchor handling, towing and
supply vessel in Saudi.
Penguin International Limited,
formerly known as Penguin Boat International Limited, encompasses five
business units offering integrated marine and offshore services.
Penguin owns and operates a fleet of about 60 vessels, as well as
shipyards in Singapore and Batam.
The number
87,000: The main work of PMOS will involve the operations and management of 87,000sqm Construction Logistics Port at Port Rashid.
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