Muhibbah Says Malaysia's Ophir Field WHP EPCIC Deal is Worth $21.7M-$23.4M

Malaysia's Muhibbah Engineering (M) Bhd indicated Friday that the value of an engineering, procurement, construction, installation and commissioning (EPCIC) contract for a wellhead platform for the Ophir field development project in Block PM305 offshore Peninsular Malaysia was between $21.7 million (MYR 93 million) and $23.4 million (MYR 100 million), the firm said in a filing with local stock exchange Bursa Malaysia.

Ophir Production Sdn Bhd -- a joint venture company between Australia's Octanex Pte. Ltd. and Malaysian partners Scomi D&P Sdn. Bhd. and VESTIGO Petroleum Sdn. Bhd. -- awarded the contract to Muhibbah last week.

The Malaysian engineering company reported that the EPCIC contract will commence in November for a period of 14 months, when the final hook-up and commissioning offshore for the project is completed.

Malaysia's national oil company Petroliam Nasional Berhad (PETRONAS) awarded Ophir Production the Small Field Risk Service Contract (SFRSC) for the development and production of petroleum from the Ophir oilfield in 2014 and the joint venture received the approval for their revised field development plan in September.

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