Marco Polo secures $10 million contract to build 5 barges

Singapore Exchange -listed integrated marine logistic group Marco Polo Marine Ltd announced Tuesday that the group has secured a new ship-building contract to construct five units of barges for a third-party Indonesian customer for approximately S$10 million.

Under the contract, the Group will construct 5 barges of up to 310 feet in length. The construction of all the barges is scheduled for completion in FY2011. Upon completion and delivery, these vessels are expected to be deployed by the customer to ferry various commodities within Indonesia.

Sean Lee, the Group?s CEO commented, ?As an integrated marine logistic group with an established track record in Southeast Asia, Marco Polo Marine supports our customers with quality ship-building services at competitive pricing. We are encouraged to see the continued growth in the number of our ship building contracts from third parties. Going forward, with the enhanced ship building capabilities provided by our experienced team, we target to construct and deliver larger as well as more sophisticated vessels.?

The company did not mention the name of its customer.(denny)