Nooruladha’s Weblog


Ramunia, what happened?2
May 21, 2008, 7:34 am
Filed under: Uncategorized

Taken from the Bursa. Kinda relief, no wonder the price shoot up. I guess the award still continue. quite a scare tho.

Type
:
Announcement
Subject
:
RAMUNIA HOLDINGS BERHAD (“RAMUNIA” OR “THE COMPANY”)
PROJECT AWARDED FROM OIL AND NATURAL GAS CORPORATION LIMITED (“ONGC”)

– AGREEMENT WITH ONGC FOR DESIGN, ENGINEERING, PROCUREMENT, FABRICATION, ANTICORROSION & WEIGHT COATING, LOAD OUT, TIE DOWN/ SEA FASTENING TOW-OUT/SAIL OUT, TRANSPORTATION AND INSTALLATION OF SUBMARINE PIPELINE, AND MODIFICATION ON EXISTING FACILITIES, TESTING, PRE-COMMISSIONING, COMMISSIONING FOR B-193 FIELD DEVELOPMENT PROJECT.

Contents
:
RAMUNIA HOLDINGS BERHAD (“RAMUNIA” OR “THE COMPANY”)
PROJECT AWARDED FROM OIL AND NATURAL GAS CORPORATION LIMITED (“ONGC”)

– AGREEMENT WITH ONGC FOR DESIGN, ENGINEERING, PROCUREMENT, FABRICATION, ANTICORROSION & WEIGHT COATING, LOAD OUT, TIE DOWN/ SEA FASTENING TOW-OUT/SAIL OUT, TRANSPORTATION AND INSTALLATION OF SUBMARINE PIPELINE, AND MODIFICATION ON EXISTING FACILITIES, TESTING, PRE-COMMISSIONING, COMMISSIONING FOR B-193 FIELD DEVELOPMENT PROJECT.

Announcement Details :

We refer to the Company’s announcements dated 28 January 2008, 30 January 2008 and 26 February 2008. The Company wishes to announce that its wholly owned subsidiaries Ramunia International Services Limited (“RISL”) and Ramunia Fabricators Sdn Bhd’s (“RFSB”) had on the evening of 16 May 2008 received a notification from ONGC confirming that the bid security amount of USD500,000.00 is forfeited and the contract is terminated on the purported ground that the Company was unable to provide the performance bank guarantee and insurance certificate by 15 May 2008.
The Company wishes to inform that it had earlier sought for an extension of time until 31 May 2008 to provide the performance bank guarantee and insurance certificate. One of the reasons for the extension was to finalize the schedule and cost of additional works for Gas Sweetening Unit that were not specified in the original contract documents between the Company and ONGC. These additional works involving long lead items, would have both a substantial impact on the overall completion date and a substantial increase of value from the original contract sum.

This announcement is dated 20 May 2008.

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