Thursday, September 18, 2008

Daily news - 17 Sep

Sembcorp wins US$229m contract from Sinopec
Sembcorp Marine – A wholly-owned unit of SembMarine has won a $229m contract to build a jack-up rig for the Hong Kong unit of China Petroleum & Chemical Corp (Sinopec). This is the first rig to be constructed outside of China and delivery is due in the first quarter of 2011, Sembcorp said in a statement on Wednesday.

SATS to start low-cost inflight catering service
Singapore Airport Terminal Services Limited (SATS) – Is spending $2-3m to set up a low-cost inflight catering facility to provide meals to low-cost carriers (LCCs) and full-service airlines requiring alternative meal offerings. Operated by its wholly owned unit, Country Foods Pte Ltd, which SATS bought for $4m in end-2002, the facility is being built at the SATS Inflight Catering Centre 2, and will be ready in January 2009. Established in 1989, Country Foods Pte Ltd has grown from a small food company to become a leading manufacturer and supplier of chilled and frozen processed foods and ready-to-eat meals. SATS currently has two LCC clients - Jetstar Asia and Cebu Pacific. Singapore's largest LCC operator, Tiger Airways, is handled by rival Swissport. The company said the dedicated low-cost inflight catering facility would provide an alternative catering platform that complements SATS' conventional airline catering, enabling it to serve different airline segments using different product offerings and cost structures.

Keppel Seghers inks deal for 'green' projects in Guangdong
Keppel Corp Group – Keppel Seghers Engineering Singapore, a wholly owned subsidiary of Keppel Integrated Engineering (KIE) of KepCorp, is entering into an agreement for environmental infrastructure projects in China's Guangdong province. The framework agreement, with Guangdong GuangYe Environmental Protection Industrial Group Co (GuangYe), outlines the collaboration of the two companies in developing a near-term pipeline of water and solid waste treatment and management projects totalling almost RMB6bn (about S$1.2bn) for cities and counties across Guangdong province. Keppel Seghers already has 70% of the imported waste-to-energy market in China and is involved in developing waste-to-energy plants across the country, including the cities of Suzhou, Shenzhen, Tianjin, Jiangyin and Guangzhou. It has also carried out several wastewater treatment projects in Guangdong province. Guangdong has the largest GDP in China. The framework agreement will not have a material impact on the net tangible assets or earnings per share of Keppel Corp for the financial year ending Dec 31, 2008.

Source: Kim Eng

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