KUALA LUMPUR (Aug 4): Vantris Energy Bhd (KL:VANTNRG), formerly Sapura Energy Bhd, said its engineering and construction and drilling subsidiaries have secured RM830 million work orders from Petroliam Nasional Bhd’s (PETRONAS) upstream arm to provide transportation, installation and tender-assisted drilling rig services in Malaysia.
In a Bursa Malaysia filing on Tuesday, the group said its engineering unit, VTEB Offshore Sdn Bhd secured a work order from PETRONAS Carigali Sdn Bhd (PCSB) for offshore transportation and installation works, with completion expected by the third quarter of the financial year ending Jan 31, 2028 (FY2028).
Meanwhile, drilling unit VTEB Drilling Asia Sdn Bhd received a notice of assignment from PETRONAS Carigali for the Sapura Esperanza rig under an existing contract to provide tender-assisted drilling rig services. The assignment is expected to commence in the third quarter of FY2027.
The unit also secured a new contract from Vestigo Petroleum Sdn Bhd, a wholly owned subsidiary of PETRONAS Carigali, to provide tender-assisted drilling rig services using the Sapura Jaya rig. The project is scheduled to begin in the third quarter of FY2027.
The latest contract wins have lifted Vantris Energy’s outstanding order book to more than RM6 billion.
In a statement, group chief executive officer Muhammad Zamri Jusoh said the awards mark continued progress in rebuilding the business following its restructuring exercise.
He added that the group would continue to focus on its core engineering and construction (E&C) and drilling businesses, where it has established capabilities, customer relationships and a proven execution track record.
"These awards reinforce our commitment to converting quality order book wins into consistent execution that supports stronger operational and financial performance," he said.
Shares of Vantris Energy closed half a sen or 1.5% lower at 32.5 sen on Tuesday, valuing the company at RM753 million. The counter has fallen more than 14% year to date.