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Tanjung fixes pair

Tanjung fixes pair
Tanjung Offshore has tied up two of its anchor handlers to state-owned Malaysian oil major Petronas.

Tanjung fixes pair.

The two 60-metre vessels have been fixed for period of four and five years respectively, Tanjung said in a statement.

The contracts, estimated to be worth around MYR114m ($34.5m), are expected to start in March and April 2010.

The first of the vessels for this contract, the 5,520-bhp Tanjung Dahan 1, was delivered earlier this month, Tanjung said.

The second, the 5,520-bhp Tanjung Dahan 2, is expected to be completed in April and will increase the Tanjung fleet to 15 vessels.

?These AHTS vessels will be utilised to support the offshore operations of Petronas in Malaysian waters during the tenure of the contracts,? it said.

?The AHTS vessels are designed and equipped to perform anchor handling and the mobilisation of drilling rigs.?

?These vessels are also capable to perform as safety vessels for offshore drilling and work over rigs on a 24 hours basis,? it said.

Despite the contract award Malaysia"s OSK Research is leaving its "sell" call on Tanjung Offshore unchanged pending its first quarter 2010 results.

?Our target price for Tanjung Offshore remains unchanged at 88 sen ($0.265) based on a PER of 7.0 times FY10 EPS,? it said in a research note Tuesday.

www.turkishmaritime.com.tr

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