Malaysia’s Vantris Energy has won two major offshore transportation and installation (T&I) work orders from national oil companies Petronas Carigali and PTTEP, with a combined value of approximately RM1.8 billion (about $440 million). The contracts were awarded to VTEB Offshore Sdn Bhd, the rebranded entity formerly known as Sapura Offshore, marking a significant step in the contractor’s financial turnaround.
The first work order, from Petronas Carigali, covers T&I services for the SK316 NC3/NC8 Trunkline 7 FAC project offshore Sarawak. The second order comes from PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd for T&I services supporting PTTEP’s development projects in the same region. Both contracts are scheduled to commence in the third quarter of Vantris’s fiscal year ending October 2026 and are expected to be completed by the fourth quarter of fiscal 2028.
The awards represent a strong vote of confidence in Vantris Energy’s subsea capabilities as the company rebuilds from its predecessor’s debt restructuring. CEO Muhammad Zamri Jusoh has emphasized operational excellence and safety as key drivers. The contracts also highlight sustained upstream investment by Petronas and PTTEP in the mature but still active Sarawak basin, where deepwater and marginal field developments require specialist installation vessels and engineering.
Industry observers note that the T&I work is critical for maintaining production levels in Malaysia’s aging offshore fields. The SK316 project, in particular, involves trunkline infrastructure to connect new gas wells to existing processing facilities. PTTEP’s developments in the same area are part of its strategy to grow gas output for domestic and export markets. The awards come amid broader uncertainties in Malaysia’s upstream sector, including jurisdictional debates between Petronas and the Sarawak state government, as well as global supply chain disruptions.
Vantris Energy’s rebound is seen as a bellwether for the Malaysian oilfield services sector. The company’s ability to secure multi-year, high-value contracts from both Petronas and a regional peer like PTTEP signals that local contractors remain competitive in the E&P supply chain despite the volatility. Going forward, the successful execution of these projects will be closely watched as a measure of Malaysia’s subsea installation capacity and its role in regional energy security.
Key entities: Vantris Energy, Petronas Carigali, PTTEP, VTEB Offshore, SK316, Sarawak
Source: upstreamonline.com · 2026-09-25 · https://www.upstreamonline.com/field-development/petronas-and-pttep-award-440-million-offshore-work-to-vantris-energy/2-1-2049339
Leave a Reply