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22 Oct 2009 08:33
TGE MARINE AG
("TGE" or the "Company")
Contract for new 12,000 cbm LPG-carrier
TGE Marine AG is pleased to announce that yesterday it entered into an agreement with a Shipyard belonging to the Sinopacific shipbuilding Group China ("Sinopacific") for the engineering, procurement and construction supervision for a 12,000 cbm LPG-carrier.
TGE's work on the contract is targeted to commence at the end of November 2009 and covers the complete gas handling system including the cargo tank material package. Delivery is expected to be effected by the end of 2011.
The revenue generated under the contract for TGE is in excess of Eur7.0m. The shipowners have agreed an option with Sinopacific for the production of a second ship and accordingly, Sinopacific and TGE have agreed an option for the engineering, procurement and construction supervision of that second ship, which is valid until the middle of March 2010.
Manfred Kuever, CEO of TGE commented:
"We are pleased to sign a further contract with our business partner Sinopacific after a long trough and in times when it is very difficult to secure financing of new shipbuilds. This financing for the acquisition has been provided by a facility granted from a large Chinese financial institution."
For further information, please contact:
Singer Capital Markets Limited +44 (0)20 3205 7500
Jos Trusted
James Maxwell
Pelham Public Relations +44(0)20 7337 1500 Mark Antelme
Henry Lerwill
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