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CSE Global (544.SI)

CSE awarded contracts worth S$24 million of Control and Telecommunication Projects in the Gulf Of Mexico and the Persian Gulf.

Description SINGAPORE( 19 April, 2007) – CSE Global Ltd (CSE) today announced that its US-based subsidiary, W-Industries and Singapore-based Transtel Engineering , were recently awarded contracts totaling S$24 million in the Gulf of Mexico and the Persian Gulf, respectively.

The first contract by W-Industries is to provide, install and commission sub-sea control systems, sub-sea chemical injection system and Hydraulic Power Units (HPU) for a major deepwater offshore development project in the Gulf of Mexico.

Over the years, W-Industries has grown to be a major international player in sub-sea control and support systems, having successfully delivered over 25 sub-sea control systems controlling over 200 subsea wellheads worldwide.

The next contract by Transtel Engineering is to provide telecommunications and SCADA systems for a gas pipeline project in the Persian Gulf. The scope of this turnkey project encompasses the deployment of a secured high-speed fibre optic network to support SCADA/control traffic along the pipeline in addition to other telecommunications facilities.

Since its inception, Transtel Engineering has established itself as a major player in the design and provision of world-class telecommunication systems for the oil & gas, petrochemicals and energy industries.

The abovementioned projects are expected to be completed by the middle of 2008, and will have a positive impact on CSE’s net profit for the current, and the next financial year.

None of the Directors or substantial shareholders of CSE has any interest, direct or indirect, in the contract.

One-year chart shows that the stock has already broken it’s 52-week high several days before this news with volume picking up, and is generally trending up.

Bought 1000 shares @ $1.69.

Mental cut-loss trigger @ $1.53 (~10%).