Swiber Breaks Into Vietnam With Maiden Deal
Swiber Holdings has successfully penetrated Vietnam’s booming offshore oil & gas industry. Its subsidiary, Swiber Offshore Construction, has been awarded a substantial Letter of Intent (LOI) from state-linked company, Vietsovpetro (VSP), to transport and install offshore facilities for one of its offshore oil & gas customers. The LOI is a landmark achievement for Swiber, being the group’s first project win since entering a cooperation agreement with VSP last September to mutually develop and strengthen each party’s position in the oil & gas industry in Vietnam and overseas. Work is expected to start at the end of Q109 and be completed by Q209.

Koda Warns Of Weaker FY08 Earnings
Koda warned yesterday of weaker full-year profits this financial year, citing lower-than-expected sales from the US which accounts for 40% of its sales. Koda has seen some order delays and customers requesting tighter order periods of a month compared with three months before the US mortgage meltdown. Most of its US clients reported ‘widespread slowdowns’ in non-essential expenditure that has included spending on furniture, said Koda, adding that this has led to a reduction in repeat orders as customers adopt a ‘wait-and-see’ approach.

ST Engineering Inks Agreement With GE Aviation
ST Engineering’s aerospace arm, ST Aerospace, has signed an agreement for global cooperation with GE Aviation (GE). The areas of cooperation include engine maintenance, repair and overhaul (MRO) and on-wing support, in which GE will provide technical assistance and OEM support to ST Aerospace to develop efficient and cost effective support for GE engine operators. The second area of cooperation will be engine material services. Expanding on a current GE service offering, CFM International, a 50:50 joint company between General Electric Company and French firm Snecma, will provide comprehensive material solutions to support and enhance ST Aerospace’s engine MRO operations.

Chasen Acquires CEL Logistics Through Issuance Of New Shares
Chasen Holdings has entered into a sale and purchase agreement with four parties, to fully acquire the entire issued and paid up capital of CEL Logistics. Established in 1996, CEL is a Malaysian company specialising in providing third party logistics services such as warehousing, transportation, projects management and custom brokerages. Chasen will purchase 100% of CEL at a maximum consideration of RM11.2m through two tranches, depending on the profit after tax for FY07 and FY08. This consideration shall be satisfied by the issuance and allotment of new ordinary shares in the company at an issue price of $0.015.