Malaysia: Kencana Petroleum Secures Service Contract for OSV Supply

Kencana Petroleum Bhd announced today that one of its companies has secured a service contract for the supply of offshore support vessel which will be used by Petronas Carigali Vietnam Ltd.

The contract was secured by Kencana Nautilus Sdn Bhd (formerly known as Thrive Alliance Sdn Bhd), a wholly-owned subsidiary of Kencana Petroleum Ventures Sdn Bhd (KPV) in collaboration with Yinson Marine Services Sdn Bhd, the group said in a statement. KPV is a wholly-owned subsidiary of Kencana Petroleum.

The contract comprises providing an offshore support vessel to assist and service drilling rigs, offshore installations, derrick barges, diving vessels and other crafts, including anchor-handling services off the coast of Vietnam.

The project owner and end user of the vessel is Petronas Carigali Vietnam, an oil and gas joint-venture operating company based in Ho Chi Minh City.

Kencana Petroleum said the contract was awarded for one year with an option to extend for another one-year period. It estimated the value of the contract for the two-year duration to reach RM33 million.

The contract is expected to contribute positively to the group’s earnings for the financial year ending July 31, 2011, and July 31, 2012.

Source: Btimes,April 15, 2010;

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