KUALA LUMPUR (Aug 14): Ocean Vantage Holdings Bhd (KL:OVH) said two of its wholly-owned subsidiaries have been appointed by Petroliam Nasional Bhd (PETRONAS) as panel contractors for integrated well continuity services covering intervention, workover and abandonment activities.

Ocean Vantage Engineering Sdn Bhd (OVE) and Ocean Vantage Inspection Testing Sdn Bhd (OVIT) were collectively appointed for 10 of the 13 packages under PETRONAS' Pan Malaysia Appointment of Panel Contractors for the Provision of Integrated Well Continuity Services (IWCS), according to the group's bourse filing on Friday.

OVE was appointed for nine IWCS packages covering services including coiled tubing, wellhead maintenance and well leak repair, through tubing, integrated well intervention, workover and abandonment, and subsea intervention, while OVIT was appointed for slickline services.

The appointments commenced on July 10 and will run until Oct 9, 2029, unless extended, renewed or terminated earlier.

The IWCS arrangement is intended to be shared and utilised by all 17 petroleum arrangement contractors (PACs) operating in Malaysia. The appointments as panel contractors allow Ocean Vantage's subsidiaries to compete for work across upstream intervention, workover and abandonment activities.

These include PETRONAS Carigali Sdn Bhd, ExxonMobil, EnQuest, Hibiscus Petroleum Bhd (KL:HIBISCS), Eneos Xplora, PTTEP, Roc Oil, Shell, Hess, Mubadala, TotalEnergies and ConocoPhillips, among others, according to a separate statement by Ocean Vantage.

However, the panel appointments do not guarantee any work awards and carry no fixed contract value. Actual work orders and their values will be determined through mini-bids conducted by the respective PACs during the panel tenure.

OVE and OVIT intend to fund their obligations through internally generated funds and/or borrowings, as required for each mini-bid awarded.

“Being appointed across ten sub-packages reflects the sustained investments and strategic partnerships we have established to build capabilities beyond our traditional service lines, allowing us to serve clients on a more integrated basis and reinforcing our position as a leading Sarawak-based oil and gas solutions provider,” Ocean Vantage group chief executive officer Willie Ho said.

Shares in Ocean Vantage closed one sen or 3.8% higher at 27.5 sen on Friday, valuing the group at RM118.2 million.