Sarawak-based oil and gas (“O&G”) integrated support services provider, Ocean Vantage Holdings Berhad (stock code: 0220), via its wholly-owned subsidiary, Ocean Vantage Engineering Sdn. Bhd., signs an Unincorporated Consortium Agreement (“Agreement”) with Toyo Engineering & Construction Sdn. Bhd. (“Toyo”) to jointly bid for a downstream O&G project.
Established since 1986, Toyo is a renowned Engineering, Procurement, Construction and Commissioning (“EPCC”) provider for petrochemical, chemical and general industries in Malaysia. Drawing more than 50 years of experience and strength from its parent company, Toyo Japan, Toyo has undertaken numerous projects in Malaysia, Indonesia and Singapore, ranging from petrochemical to manufacturing-based projects.
Under the Agreement, the unincorporated consortium will jointly tender for EPCC works for an oil storage terminal project by Senari Synergy Sdn. Bhd. located in Senari Synergy Industrial Complex, Kuching, Sarawak.
Managing Director of Ocean Vantage, Kenny Ronald Ngalin said, “We are delighted to be partnering with an established player like Toyo and are looking forward to working together to pursue our common goal. This is a strategic formation as the combined strengths from both companies will create significant synergies and bring us to the forefront of the race.”
“It is an exciting time in the O&G sector especially in Sarawak where programmes and initiatives are rolling out to drive growth within the local ecosystem. While operating landscape in the upstream sector remains challenging, we see rising opportunities in the downstream segment as investments are pouring in to develop Sarawak as a major downstream O&G producer. Leveraging on the positive development, we are aggressively expanding our market reach, which includes exploring for strategic partnerships, to capitalize on the upward trajectory,” he concluded.
The Agreement is valid till 18 March 2021 unless extended further by mutual parties.