KUALA LUMPUR (March 3): Malaysia Marine and Heavy Engineering Holdings Bhd (KL:MHB) has secured a four-year contract from Thailand's upstream player PTT Exploration and Production Public Company Ltd (PTTEP) for offshore works in Sarawak.

The contract, structured as a price agreement, was awarded to MHB's wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd. The scope covers engineering, procurement and construction of marginal field development platforms involving up to 11 wellhead platform (WHP) facilities.

According to MHB's bourse filing on Tuesday, the group will fabricate the 11 WHPs — each weighing about 1,500 to 2,000 tonnes — at its yard in Pasir Gudang, Johor. On completion, the facilities will be installed offshore Sarawak to support PTTEP’s field development plans.

The specific value of the contract was not disclosed in the filing. As a price agreement, total revenue will likely depend on the actual number of work orders or 'call-outs' issued by PTTEP over the four-year duration.

MHB managing director and chief executive officer Mohd Nazir Mohd Nor said the contract was secured through a competitive bidding process and reflects the group’s more than five decades of offshore expertise.

“We sincerely thank PTTEP for their trust in MHB. Not only does this project mark our first direct collaboration together, but it also strengthens a strong partnership built on a shared commitment to delivering high-quality offshore solutions, in support of their development plans,” Nazir said.

MHB shares closed one sen or 2.5% higher at 41 sen on Tuesday, valuing the group at RM647.13 million.