OceanMight, Aussie firm team up for O&G jobs

KUCHING: OceanMight Sdn Bhd has teamed up with an Australian firm to look for jobs in oil and gas (O&G) field developments in Malaysia.

Under a consortium agreement inked between OceamMight and ICON Oilfield Solutions Sdn Bhd, the parties would identify, secure and perform works for O&G field projects.

The collaboration leverages on the parties’ combined capabilities and resources, including, in particular, any project involving the engineering and construction of minimal facilities platforms and light weight structures, according to KKB Engineering Bhd (KKB) in a filing with Bursa Malaysia.

OceanMight is a 43%-owned associate company of KKB, whose core business is in steel fabrication.

The tie-up, once formalised, would be in the long-term interest of the KKB group, it added.

ICON is wholly-owned by ICON Engineering Pty Ltd, an oil field services contractor with intellectual capital and track record in design and delivery of engineering solutions and integrated services.

OceanMight is a Petronas-licensed fabrication yard for offshore facilities construction. Its offshore oil and gas product range includes substructures, inter-platform bridges, topsides,j ackets, process skids and modular compression skids.

OceanMight secured its first contract worth RM14.5mil from 2H Offshore Engineering Sdn Bhd for the fabrication, hook-up and commissioning services for Tanjong Baram Wellhead platform last September.

Meanwhile,Sibu-based Jaya Tiasa Holdings Bhd will acquire a 10% stake in Borneo Edible Oils Sdn Bhd (BEO) via the subscription of five million new ordinary shares of RM1 each.The subscription will be financed by internally generated funds.

BEO’s primary activity is the set up of a crude palm oil (CPO) refinery and kernel crushing plant which are expected to commece operation by October-2016.

As of June 30,2014,Jaya Tiasa group owns some 65,700ha of oil palm plantations,out of which 55,400ha have matured.The group’s palm oil mills produced about 69,000 tonnes of CPO and 11,000 tonnes of palm kernel in the previous financial year.It plans to invest RM70mil in a fourth palm oil mill to cope with increased production of fresh fruit bunches from its 10 plantations.

Jaya Tiasa’s traditional core business is in logging and manufacturing of timber products,including plywood,sawn timber and veneer.

Meanwhile,Sarawak Oil Palms Bhd (SOP) has provided a corporate guarantee for RM79.8mil for a trade facility granted to its subsidiary - SOP Edible Oils Sdn Bhd - by United Overseas Bank (Malaysia) Bhd.

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