Business

Tuesday November 3, 2009

Scomi unit and Indian firm to bid for monorail job


PETALING JAYA: Scomi Group Bhd said its unit Scomi Engineering Bhd and India’s Geodesic Techniques Pvt Ltd have agreed to jointly bid to build a 59km monorail project in Bangalore.

Scomi said in a statement yesterday that the proposal to the government of Karnataka was to design, build, own, operate and transfer three monorail lines.

The company said the project, under the Swiss Challenge approach, was estimated to cost US$2.4bil for the first phase, and that it would be the first monorail system in Bangalore.

Work on the first line was slated to begin in mid-2010 with the last line completed in 2013. Under the agreement with Geodesic, an engineering design and structural company, Scomi will be the technology partner and systems integrator for the monorail system.

Meanwhile, another Scomi unit, Scomi Marine Bhd, announced yesterday that its 80.54% subsidiary PT Rig Tenders Indonesia Tbk, which charters offshore vessels to the oil and gas industry, posted a net income of US$2.35mil for its third quarter to Sept 30, on an increased net margin of 6.8%.

The improvement was due to the overall reduction in operational expenses and contribution from vessel sales, it said.

For the period under review, Rig Tenders posted revenue of US$35.46mil, which mostly came from the chartering of vessels.


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