KUALA LUMPUR (Aug 21): United Asiapac Energy Bhd, an upstream oilfield services provider slated to list on the ACE Market on Sept 14, said it has secured a contract to provide support services for a well intervention campaign from Norway-based Odfjell.
Its 99.46%-owned unit Asiapac Oil & Gas Sdn Bhd accepted the letter of award from Odfjell's Malaysian unit, Odfjell Energy (Malaysia) Sdn Bhd, on Aug 13 to provide fishing and milling services, according to its supplementary prospectus issued on Friday.
The job will run for 16 months, with expected expiry on Dec 31, 2027. A formal contract is expected to be executed within one month from Aug 13. The contract’s value was not disclosed.
Under the contract, the unit will provide fishing and milling equipment and personnel for well recovery operations, including the mobilisation, delivery and demobilisation of equipment in accordance with the relevant purchase orders, and qualified and certified personnel to support operations on a call-out basis for hydrocarbon fields in Peninsular Malaysia.
Meanwhile, the supplementary prospectus also highlighted a one-year extension of United Asiapac’s existing fishing equipment and services contract with Dagang NeXchange Bhd's (KL:DNEX) 90%-owned Ping Petroleum Sdn Bhd.
The contract, under a call-out basis, has been extended from Oct 15 this year to Oct 14, 2027, with unit rates and all other terms and conditions remaining unchanged.
"We are pleased to share these positive developments, including the new fishing and milling services project with Odfjell Energy (Malaysia), the extension of our existing contract with Ping Petroleum, and our continued efforts to strengthen our technical capabilities, which we hope will help investors make more informed decisions as we progress towards our listing,” United Asiapac managing director Ahmad Fadzuli Ali said in a statement.
“We hope these developments reflect our long-term commitment to establishing United Asiapac as a pillar within Malaysia’s oil and gas industry, and we invite our investors to join us on this journey as we work towards our revised listing date,” he added.
Under the revised initial public offering (IPO) timeline, allotment of IPO shares to successful applicants is scheduled for Sept 10, while the withdrawal deadline is Sept 4.
Norway’s Odfjell has been a major contributor to United Asiapac’s revenue for at least its last three financial years.
Odfjell contributed 25.2% of United Asiapac's revenue in the financial year ended May 31, 2023 (FY2023), 10.9% in FY2024, and 10.5% in FY2025. The major client contributed 16.3% of the company's revenue for the nine months ended Feb 28, 2026.