19 Oktober 2010

Boustead Gets Letter Of Intent To Build Six Patrol Vessels

19 Oktober 2010

One of design for second-generation patrol vessel (photo : military2u)

KUALA LUMPUR, (Bernama) -- Boustead Heavy Industries Corporation Bhd announced today that its subsidiary, Boustead Naval Shipyard Sdn Bhd (BN Shipyard), has received a letter of intent from the Defence Ministry to undertake the construction of six second-generation patrol vessels with combatant capabilities.

The value and duration of the project is to be negotiated with the government, the group said in a filing to Bursa Malaysia.

The contract for the Littoral Combatant Ship (LCS) will have no material effect on the group's earnings for the financial year ending Dec 31, 2010, but would contribute positively to future earnings, it said.

"The new contract to build the LCS is a reflection of the government's confidence and trust in our ability to deliver on obligations.

"As we have been engaging the government on the technical and commercial packages of the project for some time, we are confident that the contract can be concluded early," said the managing director of BN Shipyard, Tan Sri Ahmad Ramli Mohd Nor.

He also said the company had gained invaluable knowledge and experience from the First Patrol Vessel Contract, especially in areas of value adding and enhancement of local content.

Being full combatants, the design of the LCS will have many added capabilities and equipment systems.

"This will require additional technology investments, some of which we will acquire while others will be developed in partnership with defence industry players," Ahmad Ramli highlighted.

BN Shipyard has engaged more than 500 local vendors in the past two years.

In 2007, a Vendor Development Programme was established by the company to groom locals into capable entities.

Ahmad Ramli said the LCS project is expected to see an increase in the participation and development of local vendors, in line with the 60 per cent local content targeted, for the project.


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