S'pore's CSE wins US$1m Philips Petroleum deal

Singapore-based systems integrator CSE Systems and Engineering Ltd has won a US$1 million deal from Phillips China Inc, a unit of Phillips Petroleum Company.

SINGAPORE--Locally-based systems integrator CSE Systems and Engineering Ltd has won a US$1 million deal from Phillips China Inc, a unit of Phillips Petroleum Company.

The project--to deploy technology systems for an offshore oil rig in Bohai Bay, China--involves the installation of a wellhead control panel (a component that monitors the activities of the wellhead), a supervisory control and data acquisition system (which monitors the oil flow in the refinery), and an emergency shutdown system (a module that automatically shuts down the systems safely in emergencies), a CSE spokesperson said.

CSE expects to complete the project by year end.

Its other wins this year include a US$7.5 million deal for an unnamed offshore facilities project in the Gulf of Mexico, a similar US$1 million deal from Vietsovpro of Vietnam, and a US$0.75 million deal from UK-based BP Amoco.

The Singapore Exchange-listed company reported S$105.6 million in revenues worldwide for its financial year ending December 2000, and made S$18.1 million in pre-tax earnings. Of the total revenue, Asia Pacific contributed 41 percent.

In terms of business units, the company's Industrial Business unit, which covers oil & gas and water telemetry, contributed 66 percent of the company's total revenue last year. CSE's IT consulting business, which handles government-related projects, generated 21 percent, and its e-consulting division, which takes care of financial services, semiconductor and high-tech manufacturing, contributed 13 percent.

CSE shares closed at S$0.42, down S$0.015 on the SGX today.

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