Petra Energy to acquire more marine vessels

BINTULU: Sarawak-based Petra Energy Bhd is looking at buying more work barges, work boats and supply vessels to support its increasing role in the offshore brown field work particularly in the oil and gas hubs in Sabah and Sarawak.
Executive director and chief operating officer Ahmadi Yusoff (brother of YB Datuk Fadilah Yusoff) said the proposed aquisitions would be premised on a right mix of vessel portfolio and growing opportunities in offshore oil and gas operations.

"Depending on the crane capacity, the acquisitions will cost RM100 million per barge to support our current fleet of three workbarges and two work boats," he told a media briefing in conjunction with the Kumang Cluster Onshore Tie-in facilities handing over ceremony here last night.

Another project is the RM1.1 billion Sabah/Sarawak HUCC and major maintenance contract awarded in late 2008.
He said the company's immediate priority was to focus on onshore brown field opportunities in Sabah and Sarawak like in Kimanis (Sabah), Labuan and Bintulu as well as developing hubs in Peninsular Malaysia as part of its expansion plans.
These include opportunities in areas of topside major maintenance and construction; hook-up and commissioning in the immediate and short-term besides marginal and small field redevelopment in the medium to long term.
"We also see strong growth potential in fabrications work for the oil and gas industry," he said, adding that Petra Energy had established a collaboration with Labuan Shipyard and Engineering in Labuan to undertake minor and major fabrication works and had acquired a facility in Tanjung Kidurong here.
The two new yards would complement its current fabrication facilities in Shah Alam and Labuan, he said.
On human capital needs, Ahmadi said the company, currently supported by a professional, technical and contract workforce of about 2,600 personnel based onshore and offshore, would continue to grow its human capital portfolio in the core business areas of its services.

At the same time, Petra Energy planned to reinforce its partnerships and collaborations with all oil and gas majors in the industry, which were undergoing a transformation phase emphasising on the domestic market, he said.
He was confident the government's Economic Transformation Programme and Petronas' focus on rejuvenating existing fields, development and production of marginal fields and intensifying drilling of exploration wells are set to create exponential growth in the industry.
"Petra Energy sees the awarding of new contracts following the new development that will change the landscape as a huge opportunity, especially in making a strong presence in Sabah and Sarawak," he added.