Offshore staff

SINGAPORE -- Singapore's Pan United Marine Ltd. says its order book totaled $335 million as of January 2007, and the outlook for more conversion jobs is strong.

"Enquiry levels remain strong," says Henry Ng, executive chairman of PUM, which operates shipyards in Singapore and the neighboring Indonesian island of Batam.

"Our yards in Batam and Singapore are being kept busy with our record order book, and we will continue to focus on improving our profitability and returns in the current financial year," Ng says. The company has seen a 44% increase in revenue over last year, he says.

"Our efforts to raise profit and returns by increasing yard productivity, going for more higher value-added work, and diversifying our portfolio in shipbuilding have paid off," Ng says.

PUM's contracts include the conversion ofFrontier Discoverer drillship.

Last year, PUM delivered six new vessels and recognized 10 work-in-progress jobs, compared with five new vessels and seven work-in progress jobs in 2005.

PUM signed five new shipbuilding contracts and its first FPSO conversion contract in 4Q 2006 along with another shipbuilding contract in 1Q 2007.

2/9/2007