Petrosea Subsidiary Secures Major EPC & IFM Contract in Singapore

Contract Details and Scope

PT Petrosea Tbk (PTRO), through its subsidiary Scan-Bilt Pte. Ltd., has signed an agreement with Aster Chemicals and Energy Pte. Ltd. for engineering, procurement, and construction (EPC) services. Additionally, Scan-Bilt received a letter of award for integrated facilities management (IFM) services at Aster's facilities. The contract encompasses civil works at two major complexes: Aster Bukom Chemicals & Energy Complex on Bukom Island and Aster Jurong Island Chemical Complex on Jurong Island.

Financial and Project Details

The total contract value for both EPC and IFM services amounts to $29.07 million (approximately Rp 485.4 billion). The project is scheduled for completion within 24 months. This significant contract win demonstrates Petrosea's growing presence in international markets and its capabilities in delivering complex industrial projects.

Strategic Implications

This contract not only represents a substantial business achievement for Petrosea but also strengthens its position in the regional EPC and facilities management market. The successful execution of this project will likely enhance Petrosea's reputation and potentially lead to further opportunities in Singapore and other regional markets.