KUALA LUMPUR (April 25): Ranhill Utilities Bhd’s subsidiary bagged a US$50 million (RM210 million) contract from Italian oil major Saipem SpA’s wholly-owned unit Servizi Energia Italia SpA to perform detailed engineering design for two compression complexes associated with the North Field Production Sustainability (NFPS) Offshore Compression Complexes Project.

In a stock exchange filing on Tuesday (April 25), Ranhill Utilities said its 51%-owned subsidiary Ranhill Worley Sdn Bhd is expected to complete the engineering design work by the third quarter of 2024.

Ranhill Utilities said the North Field in Qatar is the world’s largest natural gas field, and the NFPS contract awarded by Saipem encompasses the engineering, procurement, fabrication and installation of two offshore natural gas compression complexes.

These complexes are aimed at sustaining the production of the North Field, including two of the largest fixed steel jacket compression platforms ever built, flare platforms, interconnecting bridges, living quarters and interface modules, said Ranhill Utilities.

The job was awarded to Perunding Ranhill Worley Sdn Bhd, which is 49%-owned by Ranhill Worley.

Through a service agreement, Perunding Ranhill has exclusively appointed Ranhill Worley to perform services in respect of projects awarded to Perunding Ranhill, which include, but not limited to the provision of design and engineering technical services and knowhow.

“This award further reinforces Ranhill Worley’s position as a leading provider of engineering and design services of oil and gas facilities in delivering sustainable tomorrow,” said Ranhill Utilities chairman and chief executive Tan Sri Hamdan Mohamad, who is also a director and substantial shareholder in Perunding Ranhill.

Shares of Ranhill Utilities, which gained 23% in April alone, closed half sen or 0.9% higher at 58.5 sen on Tuesday, giving it a market capitalisation of RM758.11 million.