KUALA LUMPUR (Sept 2): Ocean Vantage Holdings Bhd's (OVH) wholly-owned subsidiary Ocean Vantage Engineering Sdn Bhd (OVE) has bagged a contract for the development of Heart & Mind (H&M) programme for SEA Hibiscus in accordance with the guidelines of the Energy Institute.

In a Bursa filing today, OVH said OVE has received a Letter of Award (LOA) dated Aug 11, 2021 from Hibiscus Petroleum Bhd's indirect wholly-owned unit SEA Hibiscus Sdn Bhd.

The duration for the contract is three years with an option to extend for one year and shall commence from the date of the LOA.

OVH noted the contract does not have any specified value as it is on a “call-out” basis whereby work orders will be issued at the discretion of SEA Hibiscus based on their activities schedule and rates throughout the duration of the contract.

It added the contract will not have any effect on the share capital and shareholding structure of the OVH, and is expected to contribute positively to the earnings and net assets per share of OVH for the financial year ending Dec 31, 2021 and throughout the duration of the contract.

On risks, the company said  the contract is not expected to expose OVH to any new risk factors as OVE is already actively involved in the provision of services to other companies.

"OVH does not foresee any exceptional risk other than the normal operational risks associated with the LOA. Nevertheless, OVH will take the necessary steps to mitigate the risks as and when they occur,"  the company also said.

OVH shares closed unchanged at 30 sen today, valuing the oil and gas integrated services provider at RM121.31 million.