Carimin Petroleum Berhad (Carimin, the Group), one of the leading providers of offshore oil and gas (O&G) support services in Malaysia, disclosed Friday that it has received an umbrella contract for provision of spot charter marine vessel services from Petronas Carigali Sdn Bhd (PCSB).
The award, secured by the Group’s wholly-owned subsidiary Carimin Sdn Bhd, would commence immediately and be effective for two years until 2017. Carimin is required to provide two types of vessel, namely the Anchor Handling Tug/Supply (AHTS) vessel and the workboat. The contract has an option for a further one-year extension.
The spot charter contract stipulates usage of the vessels by the client on demand within the contract period.
“Securing this contract is significant for Carimin because it is the Group’s first contract to provide pure marine services, which is a positive step towards establishing this new earnings stream.
This award also deepens our working relationship with PCSB, where we have existing contracts to provide hook-up and commissioning (HUC), maintenance, manpower, and now marine vessel services. We believe that winning this contract amidst the dampened sentiment in the O&G sector demonstrates the Group’s competitiveness within the industry.
We intend to continue doing well for our jobs in hand, as we are constantly eyeing more of such contracts to increase our income base,” Carimin Petroleum Berhad's Managing Director Mokhtar bin Hashim said in the company announcement.
Currently, the Group owns Carimin Airis, an AHTS, and co-owns SK Deep Sea, a workboat, that are supporting the Group’s ongoing projects in HUC and maintenance works.
The Group’s total work value as at end-November 2014 amounts to $251.9 million (MYR 911.8 million) which will be recognized till 2018.
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