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April 22, 2008, 7.19 pm (Singapore time)
Federal buys US$20 mln land rig
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Federal International (2000) Ltd on Tuesday said its wholly-owned subsidiary, Alton International (S) Pte Ltd, has bought a land rig for US$20 million.
Federal said the land rig would enable the group to tender for projects in the offshore oil and gas sector in Indonesia and the region.
The acquisition of the land rig is financed through a combination of internal resources and bank borrowings.
The acquisition is expected to have a positive material impact on the earnings per share of the company but it is not expected to have any material impact on the net tangible assets of the Company for the financial year ending 31 December 2008. -- BT newsroom