Marco Polo Marine to build five barges for Indonesian client

Singapore-listed Marco Polo Marine Ltd. has secured a new shipbuilding contract to construct five barges for a third-party Indonesian customer for approximately Singapore $10 million (about US $8.1 million).

Under the contract, the group will construct 5 barges of up to 310 feet in length at its Batam, Indonesia, shipyard. The construction of all the barges is scheduled for completion in FY2011. Upon completion and delivery, these vessels are expected to be deployed by the customer to ferry various commodities within Indonesia.

Mr. Sean Lee, the Group’s CEO commented, “As an integrated marine logistic group with an established track record in Southeast Asia, Marco Polo Marine supports our customers with quality shipbuilding services at competitive pricing. We are encouraged to see the continued growth in the number of our shipbuilding contracts from third parties. Going forward, with the enhanced shipbuilding capabilities provided by our experienced team, we target to construct and deliver larger as well as more sophisticated vessels.”

Marco Polo Marine says that its shipyard in Batam “provides Singapore quality at Indonesian costs.” The shipyard occupies a total land area of approximately 34 hectares, with a seafront of approximately 650 m and has two dry docks to undertake ship repair and conversion services.

July 5, 2011