Charisma Energy to provide 5 OSVs for Middle East

Singapore-based Charisma Energy Services has secured a 7-year contract with an approximate value of $72 million to provide a fleet of 5 offshore support vessels.

The vessels will be used to support the marine and oil & gas activities of a Middle Eastern national oil company in the Arabian Sea.

The project will be funded through internal resources as well as bank borrowings and is expected to start in 3Q2014.

The project is expected to have a positive impact on the Group’s earnings per share and net tangible asset per share for the financial year ending 31 December 2014.