KUALA LUMPUR (June 24): Ocean Vantage Holdings Bhd (Ocean Vantage), a Sarawak-based integrated energy support services provider, is broadening its downstream services to support onshore and offshore maintenance, construction and modification (MCM) related projects.

In a statement on Friday (June 24), managing director Kenny Ronald Ngalin said downstream projects usually have bigger contract value in general, in addition to yielding fair profit margins.

He said there are also opportunities in the oil and gas industry where large-scale developments taking place in Bintulu.

“Our win of RM71.3 million contract from Petrofac Malaysia in April 2022 marks a significant milestone for Ocean Vantage, as it testifies to our capability in handling a large-scale downstream project.

“We are seeing more contract enquiries and tendering activities, which we partake in some of them and hopefully would translate into project awards in the second half of the year,” he said.

The company is continuing its positive momentum with various investments in the oil and gas sector expected to come on stream, given the prevailing elevated crude oil price.