Nice announcement today...another rise on it's...

Nice announcement today...another rise on it's way.

ANNOUNCEMENT
MORE CASPIAN SUCCESS FOR PCH
Specialist contractor PCH Group Ltd today announced another major contract success
for its Caspian operation on the BP led ACG Full Field Development Project.
The Company has been awarded a significant contract from BOS Shelf LLC for the
provision of scaffolding and painting services on the Phase II “jacket” fabrication
section of the giant three phase BP project.
The new contract will increase PCH’s work on hand on the project to over
US$25 million (A$35 million) extending out to August 2006.
PCH Managing Director, Mr James Cullen, said that the Phase II deal had been struck
on the condition that PCH will also be awarded the scaffolding and painting work on
the even larger Phase III section of the project once that receives formal sanction from
BP, which is expected in early 2004. “The significance of this contract lies in the
detail” he said. “On the basis that Phase III is sanctioned, this will extend our work
well into 2007, substantially bolster the value of our work on hand and underwrite a
good portion of our results for the next several years,” he said.
Mr Cullen also said that there were various other contracts under review, not only in
connection with the US$10 billion BP project but also for other projects in the
burgeoning Caspian region.
PCH has been working for BOS Shelf on the Phase I jacket section of the project
since March 2002. Phase I is estimated to run through to December 2004, with Phase
II commencing before that, around February 2004.
Mr Cullen said that a critical success factor for the recent major award was the
Company’s excellent track record to date, both in operational and safety performance.
“It is a credit to our management team to have secured this contract on a negotiated
basis and is testimony to their performance over the last 18 months or so. To have
achieved this, working for one of the largest energy services contractors in the world
on one of the largest projects in the world, all under the scrutiny of BP, speaks
volumes for our future in the international oil and gas sector.”
Mr Cullen also confirmed that PCH continued to trade strongly and was well on the
way to at least meeting market expectations for the 2004 financial year.
PCH has maintained a presence in the Caspian Sea region since 1999, where its
strategy has been to service blue chip multinational oil and gas contracts in a region
that has become globally significant in terms of oil and gas reserves, which are
estimated to be about the same size as the North Sea and Gulf of Mexico regions.
BOS Shelf LLC is a subsidiary of Saipem International, Inc., a leading worldwide
energy services company.
For further information contact:
Mr James Cullen
Managing Director
+61 8 9248 9000