McDermott announces contracts for pan Malaysia oil field development

Sapura Energy said it has engaged advisors to evaluate and advise on this potential exercise, confirming a recent StarBiz Premium article.

Mcdermott has announced contracts for developing pan Malaysia oil fields.

Reuters reported that two contracts were awarded for Malaysian offshore projects.

One contracts was from Sarawak Shell Berhad and the other from Sapura Exploration and production, the brief report said.

The pan Malaysia contracts will be reflected in Mcdermott's Q1 2019 backlog, it added.

Reuters also reported that state oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for March at $5.40 per barrel, unchanged from the previous month.

The monthly price factor is added to the average of Platts' dated Brent prices to derive the Malaysian crude's official selling price (OSP)

Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades - Labuan, Miri Light, Kikeh and Kimanis - Reuters