JES International

JES International: Group announced Letter of Intent signed for designing and building up to 4 offshore accomodation vessels valued at US$147m each. Buyer from a Singapore-based offshore company, and the arrangement with the buyer is likely to be in the form of an order contract for 1 OAV and 3 options of 1 OAV each. The Group expects to sign the formal agreements with the buyer before May 2013 pending finalisation of certain details of the terms. The OSVs, a DPIII type, are equipped with offshore construction capabilities and is expected to be capable of accommodating about 400 to 500 crews and staffs. On its FY12 results, Group stated that they will continue to venture in the offshore space, that Group has four UT 755 LN platform support vessels and one 94,000 dwt bulk carrier, with total contract value of about USD140.2m in total.