KUALA LUMPUR (Nov 4): Oil and gas (O&G) integrated services provider Ocean Vantage Holdings Bhd has won a contract worth RM29.56 million contract for works in relation to a solar farm in Manjung, Perak.

In a statement, the group said that its wholly-owned subsidiary Ocean Vantage Engineering Sdn Bhd (OVE) has accepted a letter of award from Andeli Solar Sdn Bhd, whereby OVE will be the domestic sub-contractor for engineering, procurement, construction and commissioning (EPCC) works at the Manjung 9.99 megawatt large-scale solar farm.

Andeli Solar is the main contractor for the project appointed by Coral Power Sdn Bhd, which is in turn a 70%-owned subsidiary of Minetech Resources Bhd.

“OVE is engaged by Andeli Solar as the domestic sub-contractor to undertake the off-shore and on-shore works, which include EPCC and maintenance for the solar photovoltaic system under the project,” Ocean Vantage noted.

The project is slated to start seven days from today, for a duration of 120 days or four months, and is expected to positively contribute to future earnings and net assets of Ocean Vantage.

In a separate statement, Ocean Vantage managing director Kenny Ronald Ngalin said the contract win is the single largest EPCC contract that it has secured since Ocean Vantage was established, and marks its successful foray into to the renewable energy business.

“We are excited to pursue this new path of growth and income stream, tapping into the bright prospects of the renewable energy sector. There is a lot of potential in this industry. We are confident we will thrive in this new venture leveraging on our existing engineering and project management team expertise. Our aim is to grow the renewable energy portfolio into a key business segment of Ocean Vantage.”

“While we expand our footprint into the energy sector, we would like to reiterate that the O&G segment continues to be our core bread and butter. We are pleased to note that the demand for our services remains robust and we are currently still busy executing our existing orders in both Malaysia and overseas. The outlook and growth prospects of Ocean Vantage are promising as we are growing aggressively on several verticals. We are also exploring for opportunities and possible expansion into other segments across the O&G value chain,” he said.

Shares in Ocean Vantage finished 2.86% or 1.5 sen higher at 54 sen, valuing it at some RM221.94 million. It saw 1.39 million shares transacted.