Malaysia: MHB Wins Order for Marine Repair and Conversion of Two Energy Vessels

Malaysia Marine and Heavy Engineering Holdings Berhad has been awarded by MISC Berhad two contracts amounting to RM952 million (approx USD 319.1 million) for topsides fabrication, marine repair and conversion of two energy vessels. The first is an EPCC (Engineering, Procurement, Construction & Commissioning) contract for the repair, life extension and conversion of MT Onozo, an Aframax tanker, into a Floating Production, Storage and Offloading (“FPSO”) facility.

Upon completion, the facility would be known as FPSO Cendor and be deployed offshore Terengganu in West Malaysia. The FPSO would be operated by Petrofac Malaysia. FPSO Cendor is the 11th conversion for the Group and MHB is the only domestic company that commands the capability, proven track record and facilities in converting old floaters into FPSO and Floating, Storage and Offloading (“FSO”) vessels.

The second contract is for the repair, life extension and conversion of MISC Berhad’s SS Tenaga Satu, a Liquefied Natural Gas (“LNG”) vessel, into a Floating Storage Unit (“FSU”) facility, to be known as FSU Lekas. Upon completion, FSU Lekas would be moored at Malaysia’s very first Regasification Terminal at Sungai Udang, Melaka.

This is the first conversion into a FSU by a Malaysia-based company and also amongst the first few in the world. As the demand for a cleaner source of energy grows, LNG carriers will play a pivotal role in meeting future’s energy demand. A regasification terminal or facility would be required when importing LNG and FSUs can be a cost effective solution in such a facility.

The repair and conversion of LNG vessel into a FSU facility marked a successful extension of MHB’s scope of services and capabilities as the Group currently also provide repair and drydocking facilities to LNG and Liquefied Petroleum Gas (“LPG”) vessels. In the recent financial year ended 31 March 2011, 16% of the vessels repaired by MHB are high-value LNG/LPG vessels.

Malaysia Marine and Heavy Engineering Holdings Bhd (“MHB”) is a leading heavy engineering and marine services provider focused on the oil and gas sector. The company offers a wide range of engineering and construction, marine conversion and marine repair services at its yard in Pasir Gudang, Johor, Malaysia. It also operates and manages the Kiyanly yard in Turkmenistan on behalf of PETRONAS Carigali Turkmenistan. MMHE is one of Malaysia’s main fabricator of offshore structures and is the only company in Malaysia with a proven track record and the required infrastructure necessary to deliver deepwater offshore structures. Strategically located, MMHE’s Pasir Gudang yard has an area of 150.6 hectares and a 1.8 km of seafront for its ship repair, conversion and oil & gas construction business.

Source: MHB, August 17, 2011

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