News:Asia

MMHE wins $227m platform deal from Petronas

Malaysia Marine and Heavy Engineering (MMHE) has won its first major contract for some time, securing a MYR1bn ($226.8m) processing platform construction job from Petronas Carigali.

The processing platform is for the Bokor Phase 3 redevelopment project offshore Sarawak, East Malaysia.

MMHE said in a stock market announcement that the contract included the engineering, procurement, construction, installation and commissioning (EPCIC) of the project’s central processing platform (CPP).

The company said it expects to see first steel being cut in the third quarter of 2018 and the job was scheduled to be completed in the middle of the second quarter of 2020.

“Upon completion, the new CPP will be installed at the Bokor field located in Baram Delta, offshore Sarawak, in a water depth of 70 metres,” it said.

MMHE noted the project was awarded after going through a competitive bidding process. Even though the project was given to basically a sister unit in the Petronas group, it suggests some vigour seems to be returning to the Malaysian oil and gas (O&G) market and bodes well for the year ahead.

"Hence, the award of this project is a reflection of MMHE’s improved competitiveness, thanks to a number of implemented cost-cutting strategies and efficiency initiatives combined with strong management focus on the heavy engineering business.”

The company said the contract is expected to contribute positively to its future earnings.

Posted 18 April 2017

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Vincent Wee

Hong Kong and SE Asia Correspondent, Seatrade Maritime News

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