More downstream opportunities from rising oil prices: Ocean Vantage

NST Fri, Jun 24, 2022 06:27pm - 1 year View Original


KUALA LUMPUR: Ocean Vantage Holdings Bhd sees ample opportunity in the downstream oil and gas segment and expects various investments in the sector given the elevated crude oil price. 

Managing director Kenny Ronald Ngalin said Bintulu, Sarawak also provided opportunities for the industry to flourish due to the commencement of large-scale developments in the area. 

"There are currently a number of large scale developments taking place there such as the Sarawak Petchem Bintulu methanol plant, Marjoram/Rosmari conventional gas field operated by Sarawak Shell and Timi gas development project, to name a few. 

"As a homegrown Sarawakian company that is backed by a proven track record, I believe we stand good chances to secure some of the supporting services required by the oil majors."

Ocean Vantage added that its win of RM71.3 million contract from Petrofac Malaysia in April showed its capability in handling a large scope project.

This opened doors for the company to secure more projects of similar scale, he said after Ocean Vantage's fourth annual general meeting today. 

The group is broadening its downstream services to support onshore and offshore maintenance, construction and modification related projects. 

The downstream projects usually have bigger contract value in general, in addition to yielding fair profit margins. 

He said the group was confident of securing more jobs in the near future.

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