Vantris Energy Subsidiary Secures RM1.8 Bln Offshore Work Contract

KUALA LUMPUR, Sept 25 (Bernama) -- Vantris Energy Bhd’s indirect wholly owned subsidiary VTEB Offshore Sdn Bhd (VOSB), has secured two offshore transportation and installation (T&I) work orders with a combined value of about RM1.8 billion.

The work orders were awarded by Petronas Carigali Sdn Bhd and PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd (collectively, PTTEP).

Vantris Energy said in a filing with Bursa Malaysia today that the first work order, awarded by Petronas Carigali, involves offshore T&I works for the SK316 NC3/NC8 Trunkline 7 FAC project under an existing contract for the provision of T&I services for offshore facilities.

The second work order was awarded by PTTEP under an existing price agreement for the provision of offshore T&I services for its development projects, Vantris Energy said. 

“The works are scheduled to commence in the third quarter of the financial year ending Jan 31, 2027 (FY2027) and are expected to be completed by the fourth quarter of FY2028,” it said.

The group also said the work orders are expected to contribute positively to the group’s earnings from FY2027 onwards, with no impact on its share capital and shareholding structure.

“None of the company’s directors, major shareholders or persons connected to them have any direct or indirect interest in the work orders,” it said. 

Separately, Vantris Energy group chief executive officer Muhammad Zamri Jusoh said the awards further reflect the strength of the company’s offshore construction capabilities.

“As we continue to rebuild and strengthen our order book, our focus remains on disciplined execution, safe delivery and operational excellence.

“The priority now is to convert these wins into strong project performance, healthier cash generation and a stronger foundation for sustainable growth,” he said.

-- BERNAMA