Tag Pacific Limited announced that its subsidiary MPower has been awarded a contract for the world-class Inpex Ichthys gas project in the Browse Basin off the north-west coast of Western Australia.
MPower was awarded the contract by Samsung Heavy Industries against strong international competition. MPower will design, construct and commission an emergency power system with a value of up to approximately $10 million.
MPower is set to become a wholly owned subsidiary of Tag by the end of this month after Tag shareholders endorsed an ‘Integration Proposal’ for Tag to move from 59% to 100% ownership of MPower.
Tag’s CEO Nathan Wise said: “The contract win validates MPower’s strategy to target projects in the oil & gas sector and reaffirms MPower’s reputation as a tier 1 provider of emergency power systems.”
MPower has developed considerable expertise in the oil & gas sector having recently successfully completed an emergency power system for the Woodside NR2 project and a temporary power station for Chevron’s Gorgon LNG project.
[mappress] LNG World News Staff, September 25, 2012; Image: Inpex