Labroy builds up order book

Offshore staff

SINGAPORE -- Labroy Marine Ltd. has secured $554 million in contracts on various offshore vessels during since Jan. 2007. Orders include six anchor-handling tug and supply vessels, two platform supply vessels, a 500-man accommodation barge, and two heavy-lift jackups.

"We remain confident about the prospects of the industries we operate in, in particular the offshore oil and gas sector," says Tan Boy Tee Labroy chairman and managing director.

"Our positive outlook is supported by the fact that major shipyards around the world specializing in the building of offshore support vessels, jackup, and semisubmersible drilling units are reporting record order books with capacities filled until 2010," Tan says.
Sustained high oil prices and the coming replacement cycle for the ageing global rig fleet will continue to support the demand for offshore fleet construction, Tan says.

Labroy's net profit rose by 93.6% to $45.13 million for the six months ended June 30, 2007.

8/13/2007

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