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SINGAPORE: Sembcorp Marine said on Wednesday that it has awarded a S$443 million turnkey construction contract to Zhen Hua Engineering.
The contract is for the construction of phase one of the New Yard Development project.
It is for the design and construction of the proposed four very large crude carriers (VLCC) drydocks, wharves, quays, piers and other ancillary works.
Construction work is expected to start immediately and completion is scheduled for May 2013.
Sembcorp said the contract is not expected to have material impact on its earnings and assets for the current financial year.
Zhen Hua Engineering is a subsidiary of China Harbour Engineering, one of the largest state-owned enterprises in China.
- CNA/so
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