"NOVA” progresses with business expansion and initiates the G1FSO project

NOVA tags in Nova X, a contracted party of PTTEP Energy Development Company Limited, to initiate a Provision of G1FSO and CALM Buoy System Lease and Operate for G1/61 (G1FSO) project. This project commenced commercial operations (COD) from February 26, 2025, with an initial contract term of 5 years, extendable up to an additional 5 years. Nova Empire Public Company Limited (NOVA) reaffirms its growth potential, advancing its offshore service business through Nova X Company Limited (Nova X), a subsidiary of NOVA, as a provider of Floating Storage and Offloading Unit (FSO) in the G1FSO project for the G1/61 petroleum field (Plathong field) for PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited. Ms. Parleerat Panboonhom, Chief Executive Officer and Director of NOVA, stated, "Nova X is the first Thai operator to offer comprehensive FSO services, encompassing engineering, procurement, construction, installation, and commissioning (EPCIC), as well as operation and maintenance throughout the project lifecycle. Our focus is on quality, safety, and maximum efficiency to support the nation’s energy security. For this G1FSO project development, Nova X chartered a vessel under a Bareboat Charter contract from an affiliated company of Prima Marine Public Company Limited. Nova X managed all aspects covering engineering and modifying the vessel, engineering and constructing a single point mooring (SPM) system, including anchors, chains, risers and floating hoses, and CALM buoy, along with providing equipment that meets international standards. The construction and installation covered extensive renovation of large structures, installation of over 7 kilometers of piping and 40 kilometers of cable runs, installation of critical vessel equipment and maintenance of vessel engines, pumps, and main machinery, which necessitates technical expertise and investment readiness. For Operations and Maintenance (O&M), Nova X with Vista Ocean Company Limited, another one of NOVA’s affiliated companies, provides FSO and SPM system maintenance including maintenance of all equipment, crude offloading systems, and structures. With its comprehensive scope of work, this vessel can store over 600,000 barrels of crude oil and does not require regular drydocking, allowing the vessel to operate continuously and efficiently at the Plathong field. The G1FSO project will be the flagship initiative to enhance NOVA's performance this year. The success of the G1FSO project underlines the potential of Thai entrepreneurs in developing FSO projects, with Nova X poised to lead this business and drives the Thai energy industry towards robust and sustainable growth. I am confident that NOVA will continue to grow steadily. With a clear and careful business plan, NOVA has a strong financial position. Currently, the debt-to-equity ratio is low and there is a certain income from operations from both Nova X and the solar power generation business operated by Solar Arcade Group. I am confident that in 2025, the group will generate income higher than the minimum criteria for being a listed company on the Stock Exchange of Thailand. For the operating results in 2024, NOVA had revenue from the solar power generation group of 52.25 million baht and revenue from the wind power generation business of 185.18 million baht, which was operated by Winchai Co., Ltd., a subsidiary of NOVA, during January 1, 2024, to March 11, 2024.” Ms. Parleerat concluded, "We will continue to expand, with a focus on offshore services that yield reliable and consistent returns. We are actively seeking business opportunities that enhance our existing operations, leveraging our growing personnel, experience, and expertise, while upholding social responsibility and supporting sustainable business practices."