Wednesday 21 Feb 2024
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KUALA LUMPUR (Nov 14): Ranhill Utilities Bhd has bagged a US$27 million (RM124 million) contract to perform detail design engineering services for a new floating, production, storage and offloading (FPSO) vessel for Brazil's state-owned oil and gas (O&G) company Petrobras.

In a Bursa Malaysia filing, Ranhill said the project was secured by its 51%-owned subsidiary Ranhill Worley Sdn Bhd from Singapore-based Semcorp Marine Integrated Yard Pte Ltd.

Ranhill Worley is principally involved in the provision of engineering and design services of O&G facilities in the energy, chemical and resource sector.

Ranhill said the vessel to be built, P-82, would be one of the largest vessels to be deployed in the Buzios field, an ultra-deep-water O&G field covering an area of 853 square kilometres in the pre-salt Santos Basin, about 180 kilometres off the coast of Rio de Janeiro in Brazil.

P-82 is part of Petrobras' new generation of production facilities, characterised by their high production capacity and the technologies utilised to reduce cardon dioxide emissions. The unit will also be equipped with water injection capacity of 250,000 barrels per day and a storage capacity of two million barrels of oil.

Ranhill said the duration of the detailed engineering phase is anticipated to be 14 months with follow-on engineering support thereafter. The project is expected to contribute positively to Ranhill's revenue and earnings for the financial year ending Dec 31, 2023.

Ranhill's share price closed unchanged at 38 sen on Monday (Nov 14), for a market capitalisation of RM492 million.

Edited ByS Kanagaraju
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