MMHE consortium inks deal with Saudi Aramco

  • Business
  • Thursday, 27 Dec 2018

The Gumusut-Kakap semi-submersible floating production system (FPS) -- Asia

PETALING JAYA: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), via a consortium with energy project life cycle services provider TechnipFMC, has inked a long term agreement with Saudi Arabian Oil Company (Saudi Aramco).

The agreement entails engineering, procurement, fabrication, transportation, and installation of offshore facilities in support of Saudi Aramco’s Offshore Maintain Potential Programme, as well as other works to be executed within the waters of Saudi Arabia.

The long term agreement is valid for a period of six years, with an extension option of up to six years. According to a press release yesterday, MMHE and TechnipFMC will be looking at certain scopes to be performed in Saudi Arabia, in support of the ongoing Saudization initiative.

MMHE managing director and CEO Wan Mashitah Wan Abdullah Sani commented,

“We are excited to start our partnership with Saudi Aramco and to support their offshore development programmes.

“Our entry into Kingdom of Saudi Arabia marks a significant milestone for the group’s heavy engineering segment as we pursue growth in line with our strategy to expand our portfolio in the international market.

“Fully leveraging on the core strengths of MMHE and TechnipFMC, we believe that the collaboration is another solid step in our constant drive to deliver the best to our customers.” The agreement was signed during Saudi Aramco’s In Kingdom Total Value Add (IKTVA) annual forum in Dammam, Saudi Arabia, on Nov 26.

Separately, MMHE was awarded a contract for the fabrication of the Pluto Water Handling Module from TechnipFMC.

Upon completion, the module will be installed on Woodside Energy Ltd’s existing Pluto Alpha Gas Production Platform, located offshore Western Australia.

The module is targeted for completion in fourth quarter of 2020.

MMHE closed 8.8% higher at 55.5 sen, traded on a volume of 452,900 shares.

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