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NEWS UPDATES 5 June 2009

Boustead wins $172m Malaysia submarine deal

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Malaysia's Boustead Heavy Industries Corp won a 600 million ringgit ($171.9 million) contract to service the country's Scorpene class submarines, Reuters quoted the firm as saying in a filing with the stock exchange late on Thursday.

Boustead Heavy Industries clinched the job through its joint venture with Paris-based naval shipyard DCNS, which is a quarter owned by defence electronics group Thales.

"The Government of Malaysia has stated its intention to have a contract (with Boustead Heavy Industries joint venture) ...for the service support for the Scorpene submarines of Royal Malaysian Navy," Boustead Heavy Industries said.

"The estimated contract ceiling for six years is 600 million ringgit," the firm said, but noted that the contract was subject to further negotiation.

Boustead Heavy Industries is a unit of financial-to-plantations conglomerate Boustead Holdings, a government linked company.

DCNS is one of the builders of the Scorpene class diesel-electric submarine, along with Spanish naval shipbuilder Navantia. Malaysia had ordered two submarines for 1 billion euros ($1.42 billion) in 2002 and the first submarine is expected in Malaysia towards the end of July.


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