(Asia-Pacific) - Singapore upstream service company Labroy Marine Ltd is preparing a site on Indonesia's Batam Island for a new rig-build FPSO conversion yard, which would be partially managed by Labroy Offshore Ltd, a recently incorporated subsidiary in Mauritius.
The 40-ha area would more than double Labroy's newbuilding capacity to meet rising demand for rig build and FPSO conversions.
Labroy reported a 29% increase in 2005 net profit of $33.53 million and a 40.5% jump in revenue of $316.9 million.
Attributing the gains to increased shipbuilding orders, Labroy Chairman and Managing Director Tan Boy Tee says the company benefited from the buoyancy in the marine and offshore engineering sector, having secured $279.6 million worth of shipbuilding orders for the year ended Dec.31, 2005.
Labroy has an outstanding order book of $319.5 million. It said $178.2 million was for work in 2006, $129 million for 2007 and $12.3 million for 2008.