Tag Wins Ichthys Contract, Australia

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.

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LNG World News Staff, September 25, 2012; Image: Inpex