Malaysia Marine and Heavy Engineering Holdings Bhd has secured a four-year offshore contract from Thailand’s upstream energy firm PTT Exploration and Production Public Company Ltd for projects located off the coast of Sarawak, The Edge Malaysia reports.
The award, structured under a price agreement, was granted to MHB’s wholly owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd. The contract covers engineering, procurement and construction works for marginal field development platforms, comprising up to 11 wellhead platform facilities.
Under the agreement, MHB will undertake the fabrication of all 11 wellhead platforms at its yard in Pasir Gudang, Johor. Each structure is expected to weigh between 1,500 and 2,000 tonnes. Once completed, the platforms will be transported and installed offshore Sarawak to support PTTEP’s ongoing field development activities.
The financial value of the contract was not disclosed in the company’s regulatory filing. As the arrangement is based on a price agreement, the total revenue to be generated will depend on the volume of work orders, or “call-outs”, issued by PTTEP throughout the four-year tenure.
Managing director and chief executive officer Mohd Nazir Mohd Nor said the project was won through a competitive tender process and underscores the company’s extensive experience in offshore engineering, spanning more than five decades.
He noted that the award represents the first direct collaboration between MHB and PTTEP, adding that it lays the foundation for a stronger working relationship built on delivering reliable offshore solutions in support of the Thai firm’s development plans.
The contract win comes amid heightened activity in the regional energy sector, as companies continue to advance marginal field developments to sustain production and capitalise on firmer oil prices.
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