Penguin International

Penguin's latest corporate video does exude confidence...
http://www.penguin.com.sg/about-us/pengu...ate-video/

Yes, the video does look good. I'm a bit surprised that they have not gotten many orders from PCG and Navy, possibly because ST Marine is their main competitor for government projects.

Welcome to the north...

http://infopub.sgx.com/Apps?A=COW_CorpAn...20Msia.pdf

INCORPORATION OF AN ASSOCIATED COMPANY IN MALAYSIA

The Board of Directors of Penguin International Limited (the “Company”, and together with its
subsidiaries, the “Group”) wishes to announce that its 49% associated company, Pelican Offshore
Malaysia Corp (“POMC”) has set up a subsidiary in Malaysia, Victory Marine Services Sdn. Bhd.
(“Victory Marine”).
Victory Marine has an authorised share capital of RM400,000.00 and an issued and paid up capital
of RM 100.00 represented by 100 ordinary shares of RM1.00 par value each. The principal activity
of Victory Marine is the management and operation of fast crewboats.

51% of the equity of Victory Marine is held through POMC directly and 19% is held through Flex
Fleet Sdn Bhd, a wholly-owned subsidiary of POMC. The balance 30% equity of Victory Marine is
held by a non-related independent party.

The establishment of Victory Marine is not expected to have a material impact on the
consolidated net tangible assets per share or the consolidated earnings per share of the Group
for the financial year ending 31 December 2016.
None of the Directors, controlling shareholders or substantial shareholders of the Company has
any interest, direct or indirect, in the above matter other than through their shareholding
interests in the Company.

By Order Of The Board
James Tham Tuck Choong
Managing Director
15 November 2016

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not financially exciting but a good job by Flex!

http://www.maritime-executive.com/articl...-boat-fire

At around 1530 hours on Monday, the crew of SC Glory 2, a Flex-36 multi-role crewboat built by Penguin International in 2011 and operated by SC Group, spotted the vessel on fire about eight nautical miles away.
The master rushed the vessel to the scene and, upon arrival, the crew commenced fire-fighting and medivac operations.
Within an hour, the master and crew of SC Glory 2 had managed to put out the fire and rescue all seven fishermen, some of whom suffered burn injuries.

[Image: SCG2firefightingcloser%2016x9.jpg]

Good job!

looks like illegal fishermen from indonesia, they must have been smoking and just throw the cigarette butt on the deck and forgot to wash it off.

http://infopub.sgx.com/FileOpen/New%20Sh...eID=433435

Finally a project of significance has been announced. However, given the project I will like to know what is the margin for the 3 vessels and the value of the contract.

Lastly, I hope this contract will lead to a long term relationship with MHA

According to this report , SCDF has 'have set aside a capital expenditure of about S$60 million for the contract' of the 3 vessels.

There's also no news on whether the consortium is a 50-50 partnership with ST Marine or a less significant stake.

(19-12-2016, 08:51 PM)lonewolf Wrote: According to this report , SCDF has 'have set aside a capital expenditure of about S$60 million for the contract' of the 3 vessels.

There's also no news on whether the consortium is a 50-50 partnership with ST Marine or a less significant stake.

Based on the following extract from the report, since this is a consortium (and not an main-sub con r/s), Penguin's portion could be about S$60M - US$15M = S$38M?

Quote:BT understands that the tender issued to international shipbuilders on Gebiz called for the construction of a heavy marine fire vessel and two smaller aluminium boats. The expansion of Singapore's marine fire-fighting fleet is critical to stepping up responses to emergencies at sea including fires fuelled by gas or liquefied natural gas, collisions between vessels and aviation accidents.

The heavy marine fire vessel, which is the largest of the bundle of three in the tender, is understood to bear specifications similar to those operating off the US and Hong Kong. ST Marine is expected to take charge of the construction of the heavy marine fire vessel, the cost of which is estimated to run up to US$15 million, while informed sources said that a second shipbuilder was likely to be roped in for work on the two smaller boats.

(19-12-2016, 11:22 PM)touzi Wrote:

(19-12-2016, 08:51 PM)lonewolf Wrote: According to this report , SCDF has 'have set aside a capital expenditure of about S$60 million for the contract' of the 3 vessels.

There's also no news on whether the consortium is a 50-50 partnership with ST Marine or a less significant stake.

Based on the following extract from the report, since this is a consortium (and not an main-sub con r/s), Penguin's portion could be about S$60M - US$15M = S$38M?

Quote:BT understands that the tender issued to international shipbuilders on Gebiz called for the construction of a heavy marine fire vessel and two smaller aluminium boats. The expansion of Singapore's marine fire-fighting fleet is critical to stepping up responses to emergencies at sea including fires fuelled by gas or liquefied natural gas, collisions between vessels and aviation accidents.

The heavy marine fire vessel, which is the largest of the bundle of three in the tender, is understood to bear specifications similar to those operating off the US and Hong Kong. ST Marine is expected to take charge of the construction of the heavy marine fire vessel, the cost of which is estimated to run up to US$15 million, while informed sources said that a second shipbuilder was likely to be roped in for work on the two smaller boats.

It is likely lesser as it seems the tender required maintenance coverage as well.

If I assume 5yr maintenance at 50% of 15m usd, penguin likely have to work below 30m sgd.

Still likely good revenue.


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