Singapore?s Federal reports increased contract value at Semberah field
Friday, April 1 2005 - 12:55 AM WIB
Singapore-based service company Federal International (2000) Ltd said Thursday that the contract value of rental project at Semberah Field Development & Production Facilities in East Kalimantan had been increased to US$33.57 million from US$21.6 million announced previously.
Federal said the reason for the higher contract value is an additional rental charges due to changes of equipment specification by the field operator PT Semberani Persada Oil (Semco).
The contract value for the subsequent three-year project rental extension has also increased by US$7.16 million, resulting in a project extension contract of US$14.61 million, Federal added.
Semco awarded the project to Federal JWR Energy Pte Ltd, a joint venture company between Federal (40 percent) and PT Jaya Wijaya Raya (60 percent) last March.
The project involved the rental of production facilities for a period of five years with an option for an extension of three years. (Robert)