Contract Award

 

TIDMTGE 
 
RNS Number : 2120B 
TGE Marine AG 
22 October 2009 
 

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 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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