KUALA LUMPUR (Oct 21): Vantris Energy Bhd (KL:VANTNRG), formerly known as Sapura Energy Bhd, said its joint-venture company secured a contract to provide diving support services in Saudi Arabia.
The seven-year contract involves diving support services such as diving support vessels, remote operated underwater vehicles, as well as associated equipment and personnel to national oil company Saudi Aramco, according to an exchange filing. The value of the contract was not disclosed.
The contract “validates our growth strategy”, which includes expanding operations and maintenance portfolio beyond Malaysian shores, said Vantris Energy group chief executive officer Muhammad Zamri Jusoh in a statement.
The joint-venture company, Rawabi Sapura Ltd Co, is a joint venture with Rawabi Vallianz Offshore Services Company Ltd. Vantris Energy has a 50% stake in the joint venture through its indirect wholly-owned unit Sapura Saudi Arabia Company, according to its annual report.
The joint venture will be working at Tanajib, an industrial and oilfield area on Saudi Arabia’s east coast, home to Saudi Aramco’s key offshore operations.
Under the contract, the scope of work also covers underwater inspections, surveys, photography, material testing, structural repairs and related activities. The seven-year contract will commence from May 1, 2027 until April 30, 2034.
“This is also part of our effort to rebalance our order book towards long-term, day-rate based contracts, helping us build a stronger, more resilient Vantris Energy for the future,” Muhammad Zamri added.
Vantrix Energy was unchanged at 57 sen at the midday break on Tuesday, valuing the company at RM1.3 billion ahead of the contract announcement.