05 March 2008
3i backed leading accommodation company Emtunga Offshore has won a £6m order for a 44 bed replacement living quarters for the B11 gas field, 160km offshore Borneo, which is operated by Shell on behalf of Petronas.
The 12,100 square metres of living quarters will contain 44 beds, galley, sick bay, gymnasium, office and a recreation room. It will be delivered in 33 separate module sections in two different shipments; one in May 2008 and the second one in June 2008. After arrival at Brooke Dockyard in Kuching, the module sections will be assembled into one single unit, prior to transportation and installation offshore.
Chairman of Emtunga and former Head of 3i's Oil, Gas and Power team based in Aberdeen, Keith Mair, explained: "Borneo is a long way from Gothenburg as is Mexico and Thailand where Emtunga Offshore has made deliveries recently. The ability to win these far flung contracts is testament to Emtunga's reputation for engineering excellence in designing and building modular offshore living quarters and its unbroken track record for on-time delivery."
3i invested in Pharmadule Emtunga AB, of Gothenberg, Sweden, via a management buyout in 2003 and this latest success for the company adds to 3i's list of highly successful portfolio companies and global investment track record in the Oil, Gas and Power sector.
- Ends -
About Emtunga Offshore AB
Emtunga Offshore AB is the world leading designer and manufacturer of high quality modular living quarters for the oil and gas industry. The company has approximately 180 employees, is based in Gothenburg and is a subsidiary of Pharmadule Emtunga AB of which 3i plc is an investor. Please visit our websites: www.emtunga.com
About 3i
3i's Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the Europe (including UK & Norway), USA and Singapore. The team invests in companies specialising in Exploration and Production, and the current portfolio includes Venture Production Plc, Advanced Power, Delta Hydrocarbons, Electrawinds, Dockwise, EDP, Noreco. Successful realisations include Vetco Gray (sold to GE for US$1.9bn), Petrofac (IPO), Revus Energy (IPO), CH4 Energy (acquired by Venture Production plc) For more information, please visit www.3i.com
For further information, please contact:
Keith Mair
Chairman
Emtunga Offshore
Tel: 01224 640024
Email: keith.mair@emtunga.com
3i backed leading accommodation company Emtunga Offshore has won a £6m order for a 44 bed replacement living quarters for the B11 gas field, 160km offshore Borneo, which is operated by Shell on behalf of Petronas.
The 12,100 square metres of living quarters will contain 44 beds, galley, sick bay, gymnasium, office and a recreation room. It will be delivered in 33 separate module sections in two different shipments; one in May 2008 and the second one in June 2008. After arrival at Brooke Dockyard in Kuching, the module sections will be assembled into one single unit, prior to transportation and installation offshore.
Chairman of Emtunga and former Head of 3i's Oil, Gas and Power team based in Aberdeen, Keith Mair, explained: "Borneo is a long way from Gothenburg as is Mexico and Thailand where Emtunga Offshore has made deliveries recently. The ability to win these far flung contracts is testament to Emtunga's reputation for engineering excellence in designing and building modular offshore living quarters and its unbroken track record for on-time delivery."
3i invested in Pharmadule Emtunga AB, of Gothenberg, Sweden, via a management buyout in 2003 and this latest success for the company adds to 3i's list of highly successful portfolio companies and global investment track record in the Oil, Gas and Power sector.
- Ends -
About Emtunga Offshore AB
Emtunga Offshore AB is the world leading designer and manufacturer of high quality modular living quarters for the oil and gas industry. The company has approximately 180 employees, is based in Gothenburg and is a subsidiary of Pharmadule Emtunga AB of which 3i plc is an investor. Please visit our websites: www.emtunga.com
About 3i
3i's Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the Europe (including UK & Norway), USA and Singapore. The team invests in companies specialising in Exploration and Production, and the current portfolio includes Venture Production Plc, Advanced Power, Delta Hydrocarbons, Electrawinds, Dockwise, EDP, Noreco. Successful realisations include Vetco Gray (sold to GE for US$1.9bn), Petrofac (IPO), Revus Energy (IPO), CH4 Energy (acquired by Venture Production plc) For more information, please visit www.3i.com
For further information, please contact:
Keith Mair
Chairman
Emtunga Offshore
Tel: 01224 640024
Email: keith.mair@emtunga.com
© Press Release 2008
