TTHE Bags Deal to Build Wellhead Platform for Bertam Oil Field in PM307

TH Heavy Engineering Berhad (THHE), an offshore oil and gas facilities fabricator, reported that its wholly owned subsidiary, THHE Fabricators Sdn. Bhd. (TFSB) has received a Letter of Award from Lundin Petroleum's unit Lundin Malaysia B.V. (Lundin) Nov. 4 to fabricate a wellhead platform for the PM307 Bertam field development project off Pahang, Malaysia.

Under the contract, TFSB will fabricate the wellhead platform for the Bertam project, which is located about 108 miles (175 kilometers) off the east coast of Peninsular Malaysia. The wellhead platform is scheduled for completion in about 12 months.

"The contract is expected to contribute positively to the earnings and net assets per share of THHE for the financial year ending Dec. 31, 2013 and 2014 respectively," TTHE said in an announcement on local stock exchange Bursa Malaysia.

First production from the Bertam oil field, which will be developed using a 20 slot wellhead platform adjacent to a spread moored floating, production, storage and offloading (FPSO) vessel in water depths of 249 feet (76 meters), is targeted for 2015.

Lundin received approval from Malaysian national oil company Petroliam Nasional Berhad (Petronas) to develop the Bertam field in October, with the cost of development, excluding any FPSO related costs, estimated at approximately $400 million.

Lundin is operator of PM307, with 75 percent stake in the block, while Petronas' upstream unit Petronas Carigali holds the remaining 25 percent.

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