KUALA LUMPUR (Nov 20): Carimin Petroleum Bhd, an offshore oil and gas (O&G) support services provider, has teamed up with Bermuda Subsea Sdn Bhd to pursue opportunities in hook up and commissioning (HUC), topside maintenance and subsea services.

Bermuda Subsea, founded in 2008, focuses on providing underwater services for remotely operated vehicles (ROV) and diving services for the domestic and regional O&G markets.

“This exclusive collaboration with Bermuda Subsea is a step forward towards achieving our vision to be an integrated service provider for maintenance and HUC of both onshore and offshore O&G works," said Carimin managing director Mokhtar Hashim in a statement today.

"Carimin has already built up the track record in providing HUC and maintenance services, and the provision of subsea services through Bermuda Subsea is complementary to our services and grants us a keener competitive edge by delivering an integrated scope of services to oil majors," he added.

Bermuda Subsea and Carimin’s sharing of resources includes reviewing the vessel design and technical specifications to transform Carimin's DP2 accommodation workboat – Carimin Acacia – into a DP2 multi-purpose support vessel that meets the underwater services requirements.

Mokhtar believes that enhancing Carmin's fleet capabilities will place it in favourable position in tenders.

In October, Carimin had announced a RM95 million investment to acquire Carimin Acacia, which is currently being constructed and readied for delivery in June 2015.

Bermuda Subsea is currently bidding for projects involving the provision of underwater inspection, repair and maintenance services, including from Petrofac, Murphy Oil, E&P O&M Services and Al-Khafji Joint Operation in the Middle East.

Meanwhile, Carimin posted a net profit of RM5.53 million on revenue of RM65.53 million for the first financial quarter ended Sept 30, 2014 (1QFY15).

Of the RM65.5 million revenue, 71% or RM46.6 million was from the HUC segment, while the manpower services segment contributed the balance RM18.9 million or 29%.

There were no comparative figures for the preceding financial period as this is the first interim financial report for the group.

Carimin said to date, it has estimated work value of RM911.8 million comprising HUC, topside major maintenance and manpower services, which will keep it busy until 2018.