Summit Power International signs US$100 Million contract with Geocean SAS; appoints trio as independent directors

Summit LNG Terminal, a subsidiary of Summit Power International, signed a US$100 Million turnkey contract with marine work contractor consortium comprising of Geocean SAS and MacGregor for design, engineering, procurement, fabrication, installation and testing of the Fixed Infrastructure (FI) for its Floating LNG Storage and Regasification Terminal (FSRT) at Moheskhali, Cox’s Bazar.

The project completion date is 16 months from the time of signing.

The Fixed Infrastructure will consist, among others, of Disconnectable Turret Mooring (DTM) plug for FSRU vessel system with anchors (suction piles), flexible riser with floatation and tether system, control and hydraulic umbilical, PLEM, Stern Mooring System (SMS) of FSRU vessel offshore pipelines and landfall works.

In August 2017, Summit LNG Terminal had signed Time Charter Party (TCP) agreement with Excelerate Energy for securing FSRU vessel.

The announcement followed the appointment of three people to Summit Power International Pte Ltd.’s board of directors. They are Abdullah Tarmugi, Lim Hwee Hua, and Tang Kin Fei.

Abdullah will chair the Nominating Committee and the Remuneration Committee. Lim will chair the Audit Committee. Tang will chair the Strategy and Investment Committee. The new appointments took effect from 1 November 2017.

Abdullah is an Independent Director at GuocoL and Limited, Good hope Asia Holdings Ltd, The Islamic Bank of Asia Limited and Pacific Insurance Berhad. He is a member of the Presidential Council for Minority Rights, National University of Singapore Board of Trustees, Tsao Foundation and The Courage Fund.

Previously, Abdullah was the Speaker of Parliament from 2002 to 2011 and was the Member of Parliament for Siglap from 1984 to 2011. Prior to that, he held various ministerial positions in the Ministry of Environment, Ministry of Home Affairs and Ministry of Community Development and Sports.

Lim is a Director of Tembusu Partners Pte. Ltd, SGX-ST listed United Overseas Bank and Jardine Cycle & Carriage Ltd, and BW Group Ltd. She is also a senior advisor to Kohlberg Kravis & Roberts and a Distinguished Visiting Fellow of National University of Singapore at both the Business School and the Lee Kuan Yew School of Public Policy. Lim served as an elected Member of Parliament between 1996 and 2011 and enjoyed a varied career in financial services prior to her political appointments. She last served as Minister in the Prime Minister’s Office, and concurrently as Second Minister for Finance and Transport. Between 2011 and 2014, she served on the Ernst & Young Global Advisory Council.

Tang is Director and Deputy Chairman of SIA Engineering Company. Previously, he was the Group President and Chief Executive Officer of Sembcorp Industries Ltd from May 2005 until his retirement on 31 March 2017. Tang was with the Sembcorp Group for 30 years and has been credited with driving its transformation into an international energy, water, marine and urban development group. He currently sits on the Boards of the National Research Foundation as well as the Defence Science and Technology Agency of Singapore. He is a council member of the Singapore Chinese Chamber of Commerce & Industry and the Council Chairman of Ngee Ann Polytechnic. In addition, he is the Vice Chairman and a trustee of the Kwong Wai Shiu Hospital, a charitable hospital which provides care for elderly and needy patients in Singapore.

Muhammed Aziz Khan, Founder and Chairman of Summit Power International and Summit Group said: “On behalf of my fellow directors and management, I enthusiastically welcome Abdullah, Lim, and Tang to the Board of Summit Power International. We are committed to maintaining high standards of corporate governance and believe that the appointment of these highly accomplished directors will bring great expertise and experience to the Board and its committees. We look forward to their strategic insights and intellectual guidance as we take Summit Power International to the next level of growth and aim to become the leading provider of energy solutions in emerging Asia.”