Malaysia Marine and Heavy Engineering Holdings Bhd (KL: MHB) has won a four-year offshore contract from Thailand’s upstream company PTT Exploration and Production Public Company Ltd (PTTEP) for works in Sarawak.
The contract, awarded to MHB’s wholly-owned subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd, is structured as a price agreement and covers the engineering, procurement, and construction of marginal field development platforms, including up to 11 wellhead platform (WHP) facilities.
According to a Bursa Malaysia filing on Tuesday, the 11 WHPs—each weighing between 1,500 and 2,000 tonnes—will be fabricated at MHB’s Pasir Gudang yard in Johor before being installed offshore Sarawak to support PTTEP’s field development plans. The total contract value was not disclosed, as revenue will depend on the number of work orders issued by PTTEP over the four-year period.
MHB managing director and CEO Mohd Nazir Mohd Nor said the contract was secured through a competitive bidding process and highlights the group’s more than 50 years of offshore engineering expertise.
“We sincerely thank PTTEP for their trust in MHB. This project marks our first direct collaboration with them and strengthens a partnership built on a shared commitment to delivering high-quality offshore solutions,” he said.
Shares of MHB rose one sen, or 2.5%, to 41 sen on Tuesday, giving the group a market valuation of RM647.13 million.
