Rig Tenders to buy vessel from China

Rig Tenders to buy vessel from China

JAKARTA: Indonesia's PT Rig Tenders said on Friday it plans to buy an accommodation vessel worth US$7.73 million from a Chinese company to meet an increase in demand from oil and gas companies operating in Indonesia.

Rig Tenders, a shipping company and offshore support services provider, said in a statement that the vessel will be made at China's Fujian Mawei Shipbuilding Ltd. and have a capacity of 250 people.

The 5,100 metric ton vessel, which is expected to begin operations in 2004, will be rented to CNOOC, an offshore-China oil producer, for its Java Sea operations employees' accommodation and activities, Rig Tenders said.

The company said it currently has three accommodation vessels. It has 29 vessels, which contribute almost 98% of its total revenue.

Chuan Hup Holdings Ltd. holds a 49% stake in Rig Tenders.--Dow Jones