KUALA LUMPUR (Sept 25): Tanjung Offshore Bhd has secured a RM200 million engineering, procurement, installation and commissioning (EPIC) contract from Petronas Carigali Sdn Bhd.
The contract, awarded to the group’s wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd, is effective from Sept 5 this year and will last for three years, with an option to extend for an additional one year until Sept 5, 2018.
According to Tanjung Offshore’s filing to Bursa Malaysia today, the contract comprises the provision of EPIC facilities for the ORIGInS (operational reliability and integrity gauging of instrument based safeguards) project that covers both Peninsular Malaysia and East Malaysia.
The ORIGInS project is an initiative by Carigali’s facilities across the country to improve all automated safeguard items under the process shutdown system and fire and gas detection systems across Carigali’s upstream facilities, whether pneumatic, hydraulic or electronic-based by identifying potential deficiencies in these automated safeguards, the filing reads.
“The contract will have no effect on the issued and paid up capital of the company and is expected to contribute positively towards the earnings and net assets per share of Tanjung for the financial year ending December 31, 2014 to December 31, 2018,” said the group.
“Throughout the years, Tanjung Offshore Services has established its track record and expertise to undertake these projects. Notwithstanding this, Tanjung Offshore Services shall ensure strict compliance to the safety and operational procedures in the execution of contract requirements,” it added.