NEA, Hyflux-Mitsubishi consortium sign waste-to-energy services deal

THE National Environment Agency (NEA) on Monday signed a waste-to-energy services agreement with a consortium comprising Hyflux and Mitsubishi Heavy Industries (MHI). 

The consortium, through its project company, TuasOne Pte Ltd, will build Singapore's sixth waste-to-energy (WTE) plant and will provide waste-to-energy services to NEA over a 25-year period from 2019 to 2044.

Hyflux owns a 75 per cent stake in TuasOne while MHI owns the remaining 25 per cent.

The plant will be Singapore's largest. It will have a capacity to incinerate 3,600 tonnes of waste and generate 120MW of electricity per day. It will also be the most land-efficient, sitting on 4.8 hectares of land. 

Construction work is expected to start in early 2016 and end in 2019.

Hyflux consortium awarded S$328m project in Oman

SINGAPORE: A consortium, comprising Hyflux and National Power and Water Co, has been awarded an international tender to design, build, own and operate an independent water project in Qurayyat, Oman.

The project, worth an estimated US$250 million (S$328 million), was awarded by the government-owned Oman Power and Water Procurement Co (OPWP), Hyflux said in a news release issued on Friday (Dec 19).

It involves a seawater reverse osmosis desalination plant with a designed capacity of 200,000 cubic metres per day. Under the letter of award, the consortium will need to further finalise details of the project with OPWP, and the award is contingent upon satisfying certain conditions precedent.

The project is scheduled to commence commercial operation by May 2017 under a 20-year water purchase agreement with OPWP.

Hyflux’s role includes turnkey engineering, procurement and construction (EPC) – a contract valued at US$210 million – as well as operations and maintenance of the plant. Hyflux said the project is not expected to have a material financial impact on the company for the financial year ending Dec 31, 2014.

- CNA/cy

Hyflux Q1 profit soars on $56.9m divestment gain

By

Jamie Lee

HYFLUX Ltd posted a significant lift in net profit for the first quarter, thanks to a one-time divestment of a joint venture project. The water treatment company said that net profit for the three months ended March 31, 2014, stood at $37.91 million, up from $8.04 million a year ago.

This translated to earnings of 3.47 cents per share, up from 0.25 cent per share. The boost came mainly from a one-time gain of $56.9 million from its divestment of a joint venture with Marmon Water in the quarter.

Revenue for the three-month period was down 29 per cent at $88.3 million, reflecting the timing of projects' commencement this year.

The Asia ex-China market stayed the biggest revenue contributor in the quarter, making up 83 per cent of the group's total revenue. But this is down from 87 per cent in the year-ago quarter.

Hyflux's Q3 net profit jumps 74%

TODAY
   

SINGAPORE - Hyflux, Singapore’s largest publicly traded water treatment company, announced on Thursday a 74 per cent rise in third-quarter earnings, buoyed by municipal projects across Asia, Bloomberg News reported.

Net profit for the three months ended Sept 30 was S$25.3 million, compared with S$14.5 million for the year-earlier period, the company said in a statement. Revenue for the period rose 26 per cent to S$187.7 million.
           
Completion of projects “markedly lifted growth” while the China market contributed 4 per cent to total revenue in the quarter, a drop from 14 per cent a year earlier. Hyflux also said it would be “actively pursuing desalination and water-recycling opportunities in the industrial water sector.”

Hyflux and Singapore’s national water agency PUB opened the city-state’s largest sea water reverse-osmosis desalination facility, Tuaspring, in September. Given the Dahej desalination project in India that’s on course for financial close in 2014 and Tuaspring’s completion, Hyflux said it anticipated a slower fourth quarter.
 

Hyflux takes on wetlands project in Sichuan

SINGAPORE – Hyflux said on Monday its wholly-owned subsidiary, Hyflux Management and Consultancy (HMC), has signed an exclusive strategic co-operation agreement for a project in Southwest China’s Sichuan province.

The Hejiang Fobao Yulanshan Mountain Wetlands project is envisioned to be a world-class ecological and environmentally friendly development consisting of residential, commercial, recreational and tourism developments, Hyflux said in a statement to the Singapore Exchange.

The agreement, valid for six months, was signed between HMC, the Hejiang Country People’s Government and Sichuan Hengxin Weiye Investment. Under the deal, HMC and Sichuan Hengxin will conduct feasibility studies and work with the Hejiang county government on the features and other details of the project, including the design and development of sustainable water infrastructure and other environment-related facilities.

Hyflux maintains earnings despite revenue drop

By

andrea soh

 

In spite of a 25 per cent drop in revenue, Hyflux maintained its earnings in the second quarter, helped by effective cost management.

Net profit attributable to shareholders grew one percent from the same period last year to $17.7 million.

Revenue stood at $138.3 million, down from $183.6 million a year ago.

The firm had a order book of $2.7 billion at the end of June 2013, and said at a results briefing that the industry was picking up after a few dry years.

Its Tuaspring Desalination Plant is also expected to be completed soon, with the official opening to take place in September.

Hyflux desalination plant starting up without in-house power

By

ronnie lim

        

DESALINATION group Hyflux, which is starting up its $1.05 billion Tuaspring desalination plant in the second half of this year, will have to power the facility in the interim with electricity purchased from Singapore's main power grid. This is because Tuaspring's in-house power plant, which is integral to the energy-intensive plant, will not be ready by then.

BT understands from industry sources that this stems from firstly, construction-related issues, including late award in December 2011 of the EPC contract for the 411-megawatt power plant, construction of which typically takes two to three years.

Apart from powering Tuaspring's 70 million gallons (265 million litres) per day desalination plant, the power plant - marking Hyflux's foray into the power business - is also expected to export some 300 MW of its excess capacity to the main grid. But there are also delays related to the plant's connection to the main power grid here.

While one source said Hyflux's power facility could lag Tuaspring's desalination plant by some six to 12 months, another said the delay could even stretch beyond that. Hyflux, which reported its 2012 financials on Feb 20, had indicated at that time that Tuaspring's desalination plant will start operations in the second half, while adding that "construction works on the power plant facility are progressing as planned", without specifying a completion date for the latter.

 

HYFLUX AND JAPANESE PARTNERS TO DEVELOP ASIA’S LARGEST SEAWATER DESALINATION PLANT IN INDIA

• Desalination plant to be located in Gujarat and will produce 336,000m3 of desalinated water per day
• Hitachi and Hyflux will collaborate on the engineering, procurement and construction (“EPC”) works and the operation and maintenance (“O&M”) works for the desalination plant.

Singapore, 22 March 2012 – Hyflux Ltd (“Hyflux” or “Company”) announced today that it has, through its wholly-owned entity, Hyflux Utility (India) Pte Ltd, together with its Japanese partners, Hitachi Ltd (“Hitachi”) and Itochu Corporation (“Itochu”) (collectively known as the “Consortium”), signed a co-developer agreement (“Co-Developer Agreement”) for the development of a seawater desalination plant with a designed capacity of 336,000m3 per day to be located in the Dahej Special Economic Zone (“Dahej SEZ”) in the state of Gujarat, India (the “Project”).

The Consortium, through a special purpose company known as Swarnim DahejSpring Desalination Pvt Ltd (“DahejSpring”), signed the Co-Developer Agreement with Dahej SEZ Limited (“DSL”), in which DSL has given sole and exclusive rights to DahejSpring to develop the Project on a “Design, Build, Own and Operate” (DBOO) basis and to supply the desalinated water to DSL. The shareholding structure of DahejSpring will be finalized at a later stage.

DahejSpring will be allotted land by DSL in the Dahej SEZ to develop and operate the Project for a period of 30 years. The total cost of the Project is currently estimated to be in the region of USD 600 million.

Hitachi will be the lead engineering, procurement and construction (“EPC”) Contractor and will collaborate with Hyflux in respect of the EPC works and the O&M works for the Project.

The Project will employ ultrafiltration pre-treatment and reverse osmosis membrane technologies to treat the seawater into water suitable for industrial use. The Project will be Asia’s largest seawater reverse osmosis (“SWRO”) desalination plant to date.

The commencement of the Project is subject to the execution of a water purchase agreement between DSL and DahejSpring and financial close.

Ms. Olivia Lum, Executive Chairman & Group CEO of Hyflux Ltd, said: “We are pleased to partner with Hitachi and Itochu for this landmark desalination project. This is Hyflux’s first largescale water project in India. We look forward to producing clean water to serve the Dahej SEZ.”

The Project is a result of a successful smart community feasibility study delegated to the Consortium by Japan’s Ministry of Economy, Trade and Industry (METI). METI sponsored several feasibility studies as part of a cooperative initiative between India and Japan to develop eco-friendly, technologically advanced infrastructure projects in the Delhi Mumbai Industrial Corridor.

The Project is not expected to have a material impact on Hyflux’s financials for the current financial year.

Hyflux's unit signs US$41.21m sale and purchase agreement with JV company

By CARINE LEE


Hyflux Ltd on Tuesday announced that its wholly-owned subsidiary, Spring China Utility Ltd, has entered into a sale and purchase agreement with Galaxy NewSpring Pte Ltd, in relation to the injection by Spring China to Galaxy of its entire equity interest in each of Hyflux Utility WTP (DZ) Pte Ltd and Hyflux Utility WWT (HCHX) Pte Ltd.

Hyflux Utility WTP (DZ) and Hyflux Utility WWT (HCHX) are special purpose vehicles which holds the company's two plants in China. The net tangible asset value of Hyflux's interest in them was US$25.2 million as at Dec 31, 2010.

The aggregate consideration payable by Galaxy under the agreement is US$41.21 million, and payable in tranches. It will be wholly funded in cash.

Galaxy is a joint venture company between Hyflux and Mitsui & Co Ltd to invest, develop, construct, operate and maintain water plants in China.

The Singapore-listed company said that the latest transaction 'has been entered into in furtherance of the intent of the joint venture between the company and Mitsui'.

HYFLUX POSTS S$12.6 MILLION NET PROFIT FOR THIRD QUARTER

• Revenue comes in at S$87.7 million, with Asia contributing 70%

• Lower profit due to higher staff and finance costs for gearing up Tuaspring Desalination Plant project in Singapore

• Strong cash position at S$768m will allow the Group to capture future opportunities

Hyflux JV secures exclusive rights to Yangzhou wastewater treatment plant

By CARINE LEE


Hyflux Ltd on Monday announced that its joint venture company, Hyflux Utility Ltd, has signed a memorandum of understanding (MOU) with Yangzhou Chemical Industrial Zone Administrative Authority.

Under the MOU, Hyflux will have the exclusive rights to commence due diligence on the feasibility of implementing phrase 3 of the Yangzhou Qing Shan wastewater treatment plant with a designed capacity of 20,000 tons per day.

FIRE AT WAREHOUSE OF SEAWATER DESALINATION PLANT OF 500,000M³/DAY AT MAGTAA, WILAYA OF ORAN, WESTERN ALGERIA

Hyflux Ltd (“the Company”) would like to announce that a fire broke out on 28 July 2011 at its warehouse at the Project site.

The Project is now more than 80% completed. All building erected and equipment installed at the construction site are not affected by this fire. There is also no incident of personal injury arising from this fire.

The warehouse which caught fire is sited a few hundred metres away from the construction site for the Project. It houses equipment which are required to be incorporated into the Project. According to preliminary estimates, all related costs and damages arising from this incident are around USD 50 million.

As a result of this incident, all damaged equipment and other supplies will have to be reprocured. Thus, the Project completion is expected to be delayed till May 2012 instead of August 2011.

The Project is covered by a comprehensive construction all risks insurance policy with internationally reputable insurers. The Company will work with its insurers to investigate the cause of the fire and to make claims accordingly

Ground-breaking for S'pore's largest desalination project

By CARINE LEE


Singapore's national water agency, PUB, and Hyflux Ltd have broken ground for the country's second and largest seawater reverse osmosis desalination plant, Hyflux said on Tuesday.

Vivian Balakrishnan, Minister for the Environment and Water Resources, was the guest of honour at the ground-breaking ceremony held at the Suntec Singapore International Convention and Exhibition Hall.

A co-located event of the Singapore International Water Week 2011, this ceremony signifies the start of ground works at the 14-hectare site in Tuas on the western section of the island.

The desalination plant - Tuaspring Desalination Plant - is constructed under a Design, Build, Own and Operate (DBOO) model and is expected to commence operations in 2013.

The plant will add another 70 imperial million gallons or 318,500 cubic metres of desalinated water per day to Singapore's water supply.

An on-site combined cycle gas turbine power plant will supply electricity to the desalination plant. Excess power will be sold to the power grid, Hyflux said in a statement.

TUASPRING PTE LTD SECURED FINANCING OF S$150 MILLION TO FUND TUASPRING DESALINATION PLANT

Hyflux Ltd (“Hyflux” or “the Company”) is pleased to announce that its wholly-owned subsidiary, Tuaspring Pte Ltd, has secured financing of S$150 million to fund the desalination facility of the Tuaspring Desalination Plant (“Tuaspring Plant”).

The financial package is arranged by DBS Bank Ltd, Mizuho Corporate Bank, Ltd and Sumitomo Mitsui Banking Corporation.

The Company also wishes to announce that it is on track to securing financing for the power plant facility that will be installed on site.

The Engineering Procurement and Construction (“EPC”) works for the desalination facility of the Tuaspring Plant shall be undertaken by a wholly owned subsidiary of the Company and construction is estimated to be completed within 24 months from notice to proceed.

This funding arrangement is not expected to have a material financial impact on the Hyflux group for the current financial year.

Hyflux Q1 net profit up 15% on higher margins

SINGAPORE - Singapore water treatment company Hyflux said on Thursday its first quarter net profit rose 15 per cent from a year ago due to better cost management that contributed to higher margins.

It earned S$7.4 million (US$6 million) in the three months ended March 31, up from S$6.4 million in Jan-March 2010.

Revenue, however, fell 14 per cent to S$86.8 million.

Looking ahead, Hyflux said it expected future growth to come from Singapore and China, where a total of S$850 million worth of contracts were secured during the quarter under review.

'China's multi-pronged approach to tackle its water security issues will translate into opportunities for Hyflux,' group CEO Olivia Lum said in a statement. -- REUTERS

Hyflux signs desalinated water deal with PUB

SINGAPORE : Water management company Hyflux has signed a major agreement with Singapore's national water agency PUB to deliver desalinated water for 25 years.


Under the Water Purchase Agreement, Hyflux's wholly-owned subsidiary Tuaspring will deliver the water to PUB from 2013 to 2038.

Located in Tuas, the desalination plant - the second and largest in Singapore - will commence operations in 2013.

The plant will add another 318,500 cubic metres of desalinated water per day to Singapore's water supply.

The price for the desalinated water is 45 cents per cubic metre for the first year.

"By 2060, we plan to increase our desalination and NEWater capacities to be able to meet up to 30 per cent and 50 per cent of our water demand respectively," said PUB chief executive Khoo Teng Chye.


- CNA/al

HYFLUX NAMED PREFERRED BIDDER FOR SINGAPORE’S SECOND ANDLARGEST SEAWATER DESALINATION PLANT BY PUB

Singapore, 7 March 2011 – Mainboard-listed Hyflux Ltd (“Hyflux” or “The Group”), today announced that it has been named the preferred bidder by PUB, Singapore’s national water agency, to design, build, own and operate (“DBOO”) Singapore’s second and largest seawater desalination plant in Tuas for a concession period of 25 years.

The new desalination plant is designed to produce 318,500 cubic metres of water per day. The key technology in the desalination process is Reverse Osmosis where seawater is forced against semi-permeable membranes under pressure in a continuous flow condition. The product water will be supplied to PUB at a first-year price of $0.45 per cubic metre based on the warranted capacity of 318,500 cubic metres per day. Hyflux will also be constructing a 411MW combined cycle gas turbine (“CCGT”) power plant to supply electricity to the desalination plant.

Excess power will be sold to the power grid.

The total project cost of the desalination plant and power plant is S$890 million. It will be funded through a combination of equity and project financing. Construction is slated to start by the fourth quarter of 2011, and the project is scheduled to commence operations by 2013. The engineering, procurement and construction as well as operations and maintenance of the project will be undertaken by the Group’s wholly-owned subsidiaries.

Commenting on the tender win, Ms Olivia Lum, Group CEO and President of Hyflux Ltd, said: “I would like to thank PUB for entrusting us with this second landmark desalination project for Singapore.”
 
“The new desalination plant will incorporate Hyflux’s proprietary Kristal® ultrafiltration membrane technology for the pre-treatment of the desalination process. This will be the second largest installation of our ultrafiltration membranes in a desalination plant after the world’s largest seawater reverse osmosis plant that Hyflux is developing in Magtaa, Algeria. The onsite generation of power will help us drive higher efficiency and cost effectiveness in operations and maintenance of the desalination plant,” said Ms Lum.

The project is situated on a 14-hectare site close to SingSpring Desalination Plant which was also developed by Hyflux. The SingSpring Desalination Plant has a designed capacity of 136,000 cubic metres per day, while the Magtaa Desalination Plant is designed to supply 500,000 cubic metres of water a day.

“This project demonstrates Hyflux’s ability to put together a technologically advanced and costefficient solution while combining a sound financial offering that meet our client’s requirements.

With the global trends moving to the integration of water and power projects, this is part of our strategy to expand our capabilities and sharpen our competitive edge for large-scale international seawater desalination projects in our key markets,” said Ms Lum.

This project is expected to have a material financial impact on Hyflux for the financial year ending 31 December 2011.

HYFLUX REGISTERS RECORD FY2010 REVENUE AND PROFIT

• Record revenue of S$570 million
• Net profit rises 18% to S$88.5 million
• Recommends increase of final dividend to 3.50 Singapore cents per share

Singapore, 23 February 2011 – Mainboard-listed Hyflux Ltd (“Hyflux” or “the Group”) has posted its best profits in the Group’s history, chalking up an 18% increase in net profit after tax and minority interests (“PATMI”) of S$88.5 million for the financial year ended 31 December 2010 (“FY2010”) from S$75.0 million for the financial year ended 31 December 2009 (“FY2009”).

The profit for FY2010 was posted on the back of record revenue of S$569.7 million, driven by higher revenue contributions from both the municipal and industrial segments. The revenue for FY2010 was a 9% rise against FY2009 revenue of S$524.8 million.

“We kept a tight rein on expenses and restructured for cost competitiveness. We will continue to strike a prudent balance between costs, productivity and revenue growth, and especially so when our Group is embarking on expanding our capabilities and capacity in order to take on larger and more complex water infrastructure projects around the world,” said Ms Olivia Lum, Group CEO & President of Hyflux.

The Board of Directors of Hyflux has recommended a final dividend of 3.50 Singapore cents per ordinary share. This is in addition to an interim dividend of 1.0 Singapore cents per share that was paid out on 15 September 2010. The total dividend payout for FY2010 will amount to S$36.0 million compared to S$28.5 million in FY2009.

Hyflux to develop wastewater plant in China's Guizhou

SINGAPORE - Singapore water firm Hyflux said on Monday it has won a concession to build and operate a plant to treat up 150,000 cubic metres of wastewater per day for Zunyi City in China's Guizhou province.

Hyflux said that the investment will cost around 200 million yuan (US$30.4 million) and that it will operate and maintain the plant for 30 years. -- REUTERS

NOTICE OF ARBITRATION FILED BY HYFLUX LIMITED

The board of directors of Hyflux Limited (“Hyflux”) wishes to announce that on 1 February 2011, Hyflux filed a Notice of Arbitration (the “NOA”) with the Singapore International Arbitration Centre (“SIAC”) to resolve disputes arising out of and/or in connection with a Shareholders Agreement dated 17 October 2003 (the “SHA”) between Hyflux and Ashcraft Holdings Pte Ltd (“Ashcraft”) (collectively the “Parties”) relating to the establishment of Hyflux Filtech (Singapore) Pte Ltd (“HFS”).

HFS together with HFS’s subsidiaries carry out water treatment services, sale of water treatment devices, plants and systems for industrial users in China.

On 17 January 2011, pursuant to and in accordance with the provisions of the SHA, Hyflux served a Deadlock Put Option Notice (the “Put Option Notice”) on Ashcraft, requiring Ashcraft to purchase all of Hyflux’s shares in HFS (the “Shares”).

Ashcraft disputed Hyflux’s right and entitlement to issue the Put Option Notice. The Parties then attempted to resolve their disputes amicably but were not able to arrive at a resolution. In the circumstances, pursuant to the dispute resolution provisions in the SHA, Hyflux filed the NOA through its lawyers Drew & Napier LLC.

Hyflux does not expect the arbitration to have a material adverse effect on its operations and the financial performance of the Hyflux group. HFS group's net profits as at financial year ended 31 December 2009 are S$3.1mil representing about 4% of the Hyflux group's net profit.

Hyflux will keep shareholders updated as and when there are material developments concerning this matter.