SapuraCrest Shakes Hands with GE to Enhance Malaysian O&G Services
Malaysia's leading integrated oil and gas service provider, SapuraCrest Petroleum Berhad, through its subsidiary Sapura Power Services Sdn Bhd, has entered into a joint agreement with GE Oil & Gas to further expand and enhance its service center for the regional oil and gas industry.
The service center will use the most advanced service and repair technologies from GE Oil & Gas to maintain, repair and refurbish heavy industrial gas turbines and its components, using OEM approved standards. This enhanced facility is expected to be operational by the end of 2009. The center will continue to be operated by Malaysian Advanced Refurbishment Services, a wholly owned subsidiary of SapuraCrest Petroleum and is among the few service centers of its kind in the region, first established seven years ago.
One of the center's pioneer clients under this joint agreement will be Petronas, which has issued a letter of intent recently to use the facility.
In a statement issued yesterday by SapuraCrest and GE Oil & Gas, the improvements at the service center will include installation of the latest technologies and repair service equipment. This will further minimize unit downtime and increase the efficiency and the life of equipment for oil and gas facilities in the region. The expansion is also a response to the increasing demand for refurbishment, maintenance and repair works for gas turbines in the region's LNG, downstream and upstream industry sectors and will allow for faster and easier access to such services.
"The agreement is a demonstration of our commitment to provide excellent service quality to our customers. GE's expertise will help enhance our skill sets and competencies and also is part of our continuous capability-building efforts. We are honored to be in collaboration with a world-class and reputable player such as GE," said Datuk Shahril Shamsuddin, executive vice chairman, SapuraCrest Petroleum Berhad.
With its thriving oil and gas industry, Malaysia is an important contributor to world energy markets. Current oil reserves are estimated at approximately three billion barrels, with much of the oil production taking place offshore. Malaysia is also a significant LNG exporter to Japan, South Korea and Taiwan and has one of the most extensive natural gas pipeline networks in Asia.
Jeff Nagel, vice presidend -- global services for GE Oil & Gas said, "The oil and gas industry in this region is enjoying dynamic growth and we wanted to increase our capability to provide timely, effective solutions to better meet the needs of our customers. Our challenge was to find a local partner who was a leader in the local industrial sector, and we're very pleased that Sapura has agreed to collaborate with us in this important endeavor."
SapuraCrest Petroleum Berhad, a publicly listed member of the Sapura Group of companies, is one of the leading regional integrated oil and gas services providers. SapuraCrest Petroleum is involved in marine installation and construction, drilling of offshore oil wells, management of oil rigs, oilfield production and provision of offshore geotechnical and geophysical services. It owns 18 vessels and nine remote-operated vehicles (ROVs). Its asset base owned through its subsidiaries and joint ventures has an estimated market value of RM 3 billion. SapuraCrest international markets include India, Australia, Indonesia, Thailand, Cambodia, Myanmar, Vietnam and Russia.
GE Oil & Gas is already well established in Malaysia and the Asia Pacific region, particularly in the offshore sector. The company has provided a range of equipment, including gas turbines, compressors, subsea equipment and repair and inspection services for offshore projects in Australia, China, Indonesia, Malaysia and Thailand.
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