Malaysian offshore services contractor Vantris Energy has received a major boost with the award of two transportation and installation (T&I) contracts worth a combined RM1.8 billion (approximately $440 million) from Petronas Carigali and PTTEP. The work orders, secured by Vantris’ wholly owned unit VTEB Offshore (formerly Sapura Offshore), underscore the company’s continued recovery and its strengthening position in the Southeast Asian subsea market.
The first contract comes from Petronas Carigali for the SK316 NC3/NC8 Trunkline 7 FAC project, covering transportation and installation of offshore facilities. This project is part of Petronas’ ongoing efforts to develop gas resources offshore Sarawak, a key region for Malaysia’s upstream ambitions. The second award is from PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd, covering T&I services for PTTEP’s development projects in the same area, further deepening the Thai operator’s footprint in Malaysian waters.
Both work orders are scheduled to commence in the third quarter of Vantris’ financial year ending October 31, 2026 (3QFY2027), with completion targeted by the fourth quarter of FY2028. This gives the contractor a steady workload for more than two years, providing revenue visibility that will help stabilise its financial position after a period of restructuring. The contracts also highlight the strong demand for subsea installation services in the region, driven by sustained investment in gas infrastructure by national oil companies.
The awards are significant for Vantris Energy, which has been working to rebuild its balance sheet and operational credibility under new management. The company’s return to financial buoyancy is further validated by these high-value contracts from two major operators. Industry observers see the deals as a sign of confidence in Malaysian OGSE capabilities, especially in the technically demanding T&I segment, which requires specialised vessels, engineering expertise and project management skills.
From a broader perspective, the contracts reflect the ongoing upstream activity in Southeast Asia, particularly offshore Malaysia and Thailand. Both Petronas and PTTEP have committed to maintaining production from their core acreage through infill drilling and new field developments. The need for reliable subsea installation partners is critical as these operators extend the life of existing fields and bring new tie-backs online. The use of local contractors like Vantris also aligns with national content objectives, boosting the domestic supply chain.
Looking ahead, execution will be closely watched as Vantris deploys its fleet and teams to deliver on the projects on schedule. The company’s ability to manage logistics in the challenging offshore environments of Sarawak will be key. Success could open the door to further awards as Petronas and PTTEP continue to sanction new developments in the region, reinforcing Malaysia’s role as a hub for offshore E&P services in Asia Pacific.
Key entities: Vantris Energy, Petronas Carigali, PTTEP, VTEB Offshore, SK316
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
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