Company Headlines

Keppel Corporation on Tuesday said Keppel FELS Limited has finalised its US$315 million contract with Floatel International Ltd to build an accommodation semisubmersible. The two companies had signed a letter of intent in March for the new generation harsh environment accommodation semisubmersible. To be delivered in early 2015, the new semi will be built to the Floatel Superior design, a DSS 20NS design developed by GustoMSC and Keppel FELS' Deepwater Technology Group. Equipped with Dynamic Positioning (DP) 3 capability, it will meet the most stringent rules and regulations for worldwide operations including the Norwegian Sector. It will be able to accommodate 440 persons in single bed cabins. (Closing S$11.520, -0.060%)

LionGold Corp Ltd on Tuesday said it plans to invest an aggregate of A$8.5 million (US$8.89 million) into Australia-listed Gold Anomaly Limted and its subsidiary, Anomaly Limited, to develop gold mining assets in Papua New Guinea. The companies have signed a memorandum of agreement, which is motivated by the opportunity for the company to take a potential majority stake in projects already in advanced stages of exploration in Papua New Guinea, a country which is host to some of the world's major gold deposits. Based on preliminary plans, Anomaly is scheduled for trial production in approximately 15 months, subject to securing the necessary approvals and equipment. LionGold said the investment provides it with the prospect of sharing in any upside arising from the development of Gold Anomaly's other resources. (Closing S$1.255, -0.005%)

COSCO Corporation (Singapore) on Monday said
its unit, COSCO (Qidong) Offshore Co Ltd, has secured a contract worth over US$20 million from BAM International Australia bv and Clough Projects Australia Pty Ltd. Under the contract, COSCO (Qidong), a subsidiary of the company's 51 per cent owned subsidiary, COSCO Shipyard Group Co Ltd, will build a jack-up barge with a capacity of 300 tons deck crane and can operate in water depth of up to 30 meters. The vessel is scheduled for delivery in 11 months. The contract is not expected to have a material impact on the group's net tangible assets or earnings per share for the fiscal year ending Dec 31, 2012. (Closing S$1.015, -0.010%)

Boustead Singapore Ltd on Tuesday said it has secured a $39 million contract from one of the world's largest international engineering, procurement, construction, maintenance (EPCM) corporations. The contract involves the design, process engineering and construction of key process heater systems for a new investment plant in the US for a global Fortune 100 corporation. With the addition of the latest contract, the group's order book backlog stands at $343 million. It is the largest contract Boustead's energy-related engineering division has secured in the last six years, the group said. The project is expected to have a positive material impact on the profitability and earnings per share of Boustead in the current financial year ending March 31, 2013 and the following financial year ending 31 March, 2014. (Closing S$0.965, +0.010%)

Sound Global Ltd on Tuesday incorporated two wastewater treatment and utilization subsidiaries in China. The first subsidiary, Anshan Qingchang Water Co Ltd, has a registered capital of RMB91.35 million (S$18 million), while the second subsidiary, Anshan Qinglang Water Co Ltd, has a registered capital of RMB102 million. Both subsidiaries are 75:25 owned by Sound Global's wholly owned subsidiaries, Beijing Sound Environment Engineering Co Ltd and Sound International Investment Holdings Limited. (Closing S$0.580, +0%)

Lian Beng Group Ltd on Tuesday said its 50:50 joint venture company, Paul Y - Lian Beng JV Pte Ltd, has secured a $169 million contract from Luxury Green Development Pte Ltd. The contract will see the company provide construction, completion and maintenance for a proposed residential development at Upper Thomson Road, known as Thomson Grand. Thomson Grand will be a condominium housing development comprising nine blocks of 20-storey residential flats and 22 two-storey strata landed houses, with one basement car park, swimming pool and ancillary facilities. Work is expected to commence in August 2012 and is due to be completed by February 2015. The contract is expected to have a positive financial impact on the net tangible assets per share and earning per share of the group for the current financial year ending May 31, 2013. (Closing S$0.410, +0.015%)

Old Chang Kee Ltd said on Tuesday that its wholly owned subsidiary, Ten & Han Trading Pte Ltd, has bought a $4.2 million property at Woodlands Terrace. The firm said the acquisition will boost its food production facilities, and is essential to its overseas and local expansion plans. Ten & Han had exercised its option to purchase, and a written consent has been obtained from JTC Corporation for the sale and purchase of the intermediate terrace factory leased by JTC Corporation to the vendor for 60 years from Sept 1, 1994. The factory has a land area of 1,296 square metres and will be used primarily for food processing and storage. (Closing S$0.345, +0.005%)

Tiong Seng Holdings Limited Tuesday announced that its wholly-owned subsidiary, Tiong Seng Contractors (Pte) Ltd, has been awarded a contract from Singapore Institute of Management. The contract is for the proposed building extension with two basement carparks and additions and alterations to existing SIM at Clementi Road. The contract is worth approximately S$137 million. (Closing S$0.205, +0.005%)