Singapore?s Federal International gets $29.2 million contract from Gunanusa

Singapore listed Federal International (2000) Ltd said on Tuesday that its subsidiary Federal Hardware Engineering Co Pte Ltd had secured a procurement contract worth US$29.2 million from local engineering firm PT Gunanusa Utama Fabricators.

The company said the contract was a part of Gunanusa?s EPC (engineering, procurement and construction) contract from TotalFinaElf E & P Indonesie for Peciko Field Development Project Phase 4 in East Kalimantan, which amounted to $48 million.

Under the terms of the contract, Federal will supply all flowline control products, piping materials and structural steels for two satellite wellhead platforms. This contract runs for 20 months from October 2002 to June 2004.

Federal has 10 percent equity interests in Gunanusa.

The Peciko field is located in the prolific Kutai basin in water depths of around 40 meters. It currently supplies more than 250 millions of cubic feet per day gas to Bontang LNG plant. An estimated 6 trillion cubic feet reserves are present in the field. (robert)