January 31, 2015

Carimin Petroleum Secures Umbrella Contract From Petronas Carigali

Offshore oil and gas (O&G) support services provider, Carimin Petroleum Bhd 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 vessels, namely an Anchor Handling Tug/Supply (AHTS) vessel and a workboat.

The contract has an option for a further one-year extension, the group said in a statement here, Friday.

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 - a positive step towards establishing a new earning stream," Managing Director Mokhtar Hashim said.

He said the award would also deepen Carimin working relationship with PCSB, where it had existing contracts to provide hook-up and commissioning (HUC), maintenance and manpower, apart from marine vessel services.

"We believe that winning this contract amidst the dampening sentiment in the O&G sector demonstrates the group's competitiveness within the industry.

"We intend to continue doing well in the jobs in hand, as we are constantly eyeing more of such contracts to increase our income base," Mokhtar said.

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 the end of November 2014 amounts to RM911.8 million which would be recognised until 2018.

Source: Bernama