Sarawak-based integrated energy support services provider, Ocean Vantage Holdings Bhd has concluded its 4th Annual General Meeting (“AGM”) today.
Commenting after the AGM, Managing Director of Ocean Vantage, Mr. Kenny Ronald Ngalin said, “We see a lot of opportunities in the oil & gas industry, particularly in the downstream segment and in Bintulu, Sarawak. 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 proven track record, I believe we stand good chance to secure some of the supporting services required by the oil majors.
“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, opening doors for us to secure more projects of similar scale.
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.”
Currently, the Group is broadening its downstream services to support onshore and offshore MCM-related (maintenance, construction and modification) projects. The downstream projects usually have bigger contract value in general, in addition to yielding fair profit margins.
“Looking ahead, the Group shall continue riding on the positive momentum with various investments in the oil & gas sector expected to come on-stream given the prevailing elevated crude oil price.
Against this backdrop, we are confident to secure more jobs soon. Notwithstanding the current macroeconomic uncertainties and geopolitical tensions, we are forging ahead and making good progress. Based on the current jobs on hand and the opportunities we have identified, we endeavour to deliver meaningful financial performance growth this year,” he concluded.
