OPSB Awards Malaysia's Offshore Ophir Field WHP EPCIC Contract to Muhibbah

Australia's Octanex N.L. disclosed Friday that its 50 percent owned Malaysian joint venture company, Ophir Production Sdn Bhd (OPSB), has awarded a contract for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of a Wellhead Platform for the Ophir oil field offshore Peninsular Malaysia to Muhibbah Engineering (M) Bhd (Muhibbah).

The contract award follows a successful tender by Muhibbah, a large engineering company listed on Bursa Malaysia (the Malaysian Stock Exchange), with a track record of platform construction and installation.

The Ophir platform will be fabricated at the Muhibbah yard at Klang approximately 25 miles (40 kilometers) south west of Kuala Lumpur, before being installed in the Ophir field. The schedule for the EPCIC of the Ophir platform will see the platform installed in the field 3Q 2016. A jackup will then be mobilized to site and development drilling will commence. The current schedule has the Ophir field commencing oil production in late 2016.

Octanex's share of the Ophir project is fully funded by OPSB's 75 percent project financing and Octanex's strategic alliance and funding arrangements with major shareholders Malaysian, Sabah International Petroleum (SIP). SIP is an entity wholly owned by the Malaysian State of Sabah via the Sabah Development Bank.

Octanex COO, Rae Clark said: "The award of the wellhead platform contract is a significant step towards first oil for the Ophir development and marks a major milestone in the transformation of Octanex from an exploration company to a producer."

About Ophir

The Ophir field is being developed via three production wells, a well head platform (WHP) and a leased Floating Production Storage and Offload (FPSO) vessel.

OPSB was formed by Octanex together with its two Malaysian joint venturers, Scomi Energy Services Bhd (Scomi) and Vestigo Petroleum Sdn Bhd (Vestigo). Octanex holds a 50 percent interest in OPSB with Scomi 30 percent and Vestigo 20 percent. Scomi is a Malaysian downstream oil and gas services company listed on the Main Board of Bursa Malaysia. Vestigo is a wholly owned subsidiary of PETRONAS Carigali Sdn Bhd with a focus on marginal field development.


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