KUALA LUMPUR (Sept 14): Ranhill Utilities Bhd's indirect 49%-owned unit Perunding Ranhill Worley Sdn Bhd (PRW) has secured a RM43 million contract from PTTEP HK Offshore Ltd, a wholly owned subsidiary of Thailand's PTT Exploration and Production PCL (PTTEP), to provide front-end engineering and design services for offshore facilities of the SK10B Lang Lebah development project offshore Sarawak.

PRW is 49%-owned by Ranhill Worley Sdn Bhd (RWSB), which is a 51%-owned subsidiary of Ranhill Utilities.
 
The duration of work is eight months, commencing on July 22.

In a Bursa Malaysia filing on Wednesday (Sept 14), Ranhill Utilities said the letter of award was received by PRW on July 19.

"The contract and the scope of works under the contract for the project will be undertaken by RWSB. The company (Ranhill Utilities) subsequently obtained the approval to release the announcement regarding the award from PTTEP on Sept 12," it added.

Ranhill Utilities said it is anticipated that even with the most aggressive projections of renewable energy transition, there will still be a need for hydrocarbon to be part of the energy mix.

"Therefore, moving forward, low carbon energy source such as gas and carbon capture will be a key part of global transition to the net zero carbon emissions," it said.

The group said it is committed to working together with its customers in navigating their energy transition process to decarbonise the extraction of hydrocarbon.

"This award reinforces PRW and RWSB's position as a leading provider of engineering and design services of oil and gas facilities in delivering sustainable tomorrow," it added.

Ranhill Utilities chairman and chief executive Tan Sri Hamdan Mohamad is the largest shareholder of Ranhill Utilities with a 34.26% stake, followed by United Overseas Bank Ltd at 9.07% and the Johor state government with 9.05%. Hamdan is also a substantial shareholder of PRW.

Ranhill Utilities' share price closed half a sen or 1.23% lower at 40 sen on Wednesday, giving it a market capitalisation of RM518.37 million.