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Stockwatch- Rotary Engineering (S'pore) says to double order book

Rotary says to double order book

SINGAPORE - Singapore's Rotary Engineering, an oil and gas infrastructure services firm, said on Wednesday that it plans to double its order book and headcount thanks to strong demand for petrochemical facilities in Asia. Rotary - which has contracts to build oil and chemical storage tanks, terminals and processing facilities in Singapore, China, Thailand, and the Middle East - had an order book of $525 million (US$332.7 million) at the end of June and a 3,000-strong work force.

Rotary's chairman Chia Kim Piow said he expects the headcount to double in the next two years but declined to give a time frame for the increase in order book, adding that the firm was using only half its capacity. 'We are soliciting for more contracts because we have the capacity to execute them, both in terms of available work force and fabrication capacity,' he added.

Mr Chia said new contracts were expected in petrochemical plants planned to be set up by oil majors in Singapore, including a 800,000 tonnes per year ethylene cracker by Royal Dutch Shell Plc, as well as in Thailand and the Middle East where Rotary is a pre-qualified contractor for state oil firm Saudi Aramco. 'We are actively pursuing tenders in Singapore, Saudi Arabia and Thailand,' he said. Rotary is building a new fabrication facility in the Jubail industrial zone in Saudi Arabia which will produce 50,000 tonnes of steel plates for storage tanks and 300,000 diameter inch of piping starting end 2007. -- REUTERS

posted by gsg @ 10:13 PM