KUALA LUMPUR: Scomi Group Bhd has been awarded a two-year contract worth RM98.5 million from Dragon Oil (Turkmenistan) Ltd for the provision of drilling and completion fluids services in Turkmenistan.

“Our ability to perform consistently and the technology behind our products were instrumental in us winning this contract,” said Scomi oilfield services’ president of market units Wan Ruzlan Iskandar Wan Salaidin in a statement.

Ruzlan said the drilling and completion fluid solutions have been formulated to meet the needs of the client, adding that the award is testimony of the quality of Scomi’s products and services.

He noted that Scomi has provided services to Dragon Oil since 2007, adding that the group has had a significant presence in Turkmenistan since 2004.

“The oilfield services division has performed well over the last six months.  This is the latest in a series of contract awards in Qatar, Myanmar, Malaysia and Indonesia,” he said.

According to Ruzlan, Turkmenistan is one of Scomi’s key focus countries as the country is expected to see an increase in oil and gas activities to support its own demand as well as world demand.

“Our focus on the Eastern Hemisphere where we see our greatest growth potential is starting to pay dividends,” he added.

Ruzlan said Scomi currently has an order book of over RM4.9 billion with a healthy pipeline of tenders.  

He said Scomi’s recent corporate exercise saw the merger of all the oil and gas businesses within the group under one entity called Scomi Energy Services Bhd —  formerly known as Scomi Marine Bhd.

“By integrating our resources under one roof, we will be able to provide a greater value proposition to our clients and thus capitalise on business opportunities, both locally and abroad,” he said.

He added that the merger also provides the group with a stronger financial standing for flexibility in raising capital to fund its continued business growth.

This article first appeared in The Edge Financial Daily, on May 14, 2013.