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Tanjung Offshore Bags RM250m Petronas Contract

Amid a subdued oil and gas sector, Tanjung Offshore’s wholly-owned subsidiary, Tanjung Offshore Services, has secured a RM250 million construction work request (CWR) contract from Petronas Carigali.

The contract entails the provision of topside maintenance works for Petronas Carigali’s existing offshore and onshore facilities in Sarawak, for a period of two years, with a one-year extension option.

The group’s chief executive officer Rahman Shamsudin shared that the contract would benefit the company in the near term as the cost for such maintenance works had little bearing to global oil prices.

Significance: The firm sees the award of the contract as a vote of confidence in the services it has delivered over the years and noted that deal is expected to contribute positively to earnings from FY15 to FY18.

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