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Publish Date : 27-Sep-2014

Tanjung Offshore Bhd's unit, Tanjung Offshore Services Sdn Bhd bagged engineering, procurement, installation and commissioning contract valued at RM200 million from Petronas Carigali Sdn Bhd. Tanjung Offshore said in filing to Bursa Malaysia the contract was for the provision of EPIC facilities for the Operational Reliability and Integrity Gauging of Instrument based Safeguards project.

The ORIGInS project is an initiative from Petronas Carigali's facilities, covering Peninsular Malaysia, Sabah and Sarawak operations. It is to enhance all automated safeguard items under the process close down system and gas and fire detection systems across Petronas Carigali's upstream facilities, whether pneumatic, hydraulic of electronic-based by identifying potential deficiencies in automated safeguards. The contract is for three years effective from Sept 5, 2014, with the choice to extend for an extra one-year period until Sept 5, 2018.

The contract is anticipate to positively contribute towards the earnings and total assets per share of Tanjung Offshore for the financial years ending Dec 31, 2014 to 2018. It said, "The Board of Directors of Tanjung Offshore is of the opinion that the acceptance of the contract is in the best interest of the company.”

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