Singapore, Malaysia Offshore Services Sector Outlook
The Pan Malaysia Integrated Hook-Up & Commissioning (HUC) and Topside Major Maintenance (TMM) Contract was awarded to Kencana HL Sdn Bhd, Dayang Enterprise Sdn Bhd, Petra Resources Sdn Bhd, PBJV Sdn Bhd, Carimin Engineering Services Sdn Bhd and Sigur Ros Sdn Bhd.
These six firms will provide HUC and TMM services to nine Petronas’ Production Sharing Contractors, namely Petronas Carigali Sdn Bhd, Sarawak Shell Berhad & Sabah Shell Petroleum Co. Ltd., ExxonMobil Exploration and Production Malaysia Inc., Murphy Sarawak Oil Co. Ltd., Hess Oil and Gas Sdn Bhd, Talisman (Malaysia) Ltd., Newfield Peninsula Malaysia Inc. and JX Nippon Oil & Gas Exploration (Malaysia) Ltd.
These companies will supply hook-up & commissioning and maintenance services for offshore facilities and includes all the necessary services, such as manpower services, marine spread services, and tools as well as equipment, which are required to carry out the respective workscopes.
“Petronas is committed to providing business opportunities to such companies, and this Pan Malaysia initiative … is one such example of our continuous efforts towards this in Malaysia’s upstream services industry,” Petronas’ vice president of Petroleum Management Ramlan A. Malek said Nov. 14 at the launch of the contract.
With an eye towards the future, Petronas acknowledged that while the long-term provided the company better economies of scale and lower the company’s overheads, the contract is intended to provide local offshore companies with an opportunity to grow their businesses.
The deal is expected to “encourage the respective service contractors to invest in additional assets and allow for better retention and development of experienced workforce,” Petronas said in a Nov. 15 company announcement.
In the case of SapuraKencana Petroleum Bhd’s subsidiary Kencana HL, CIMB Research said in its Nov. 18 note that “the two packages [it won under the Petronas 5-year contract] are keeping company’s yard and offshore support vessels busy.”
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