KUALA LUMPUR (Sept 25) — Vantris Energy Bhd has announced that its indirect wholly-owned subsidiary, VTEB Offshore Sdn Bhd (formerly Sapura Offshore Sdn Bhd), has been awarded two offshore transportation and installation (T&I) work orders with a combined value of approximately RM1.8 billion. The disclosure was made via a Bursa Malaysia filing on Friday, signaling a major boost for the company’s upstream services portfolio.
The first work order, awarded by PETRONAS Carigali Sdn Bhd, covers the transportation and installation of offshore facilities for the SK316 NC3/NC8 Trunkline 7 FAC project. This project is part of PETRONAS’s ongoing development of gas resources offshore Sarawak, an area critical to Malaysia’s long-term energy supply. The contract utilizes an existing framework agreement, allowing for expedited execution. Work is scheduled to commence in the third quarter of Vantris’s financial year ending October 31, 2026 (3QFY2027), with completion expected by the fourth quarter of FY2028.
For Vantris Energy, which emerged from the restructuring of Sapura Energy Bhd, this contract represents a significant step toward rebuilding its order book and financial health. The company has been focusing on converting its pipeline of opportunities into firm contracts, and the RM1.8 billion value underscores the trust PETRONAS places in VTEB Offshore’s technical capabilities. Vantris Energy’s shares were unchanged at 33.5 sen at midday break on Friday, giving it a market capitalisation of about RM776.2 million.
The T&I scope involves complex subsea operations, including the use of heavy-lift vessels and pipelay barges to install trunklines and associated subsea structures. Such work requires advanced engineering, precise navigation, and robust project management to ensure safe and timely installation in the offshore environment. VTEB Offshore’s track record, built under the former Sapura Offshore banner, includes numerous similar projects in Malaysian waters, giving it a competitive edge in executing this contract.
This win comes amid broader uncertainties in the global upstream sector, including supply chain disruptions and fluctuating oil prices. It demonstrates PETRONAS’s commitment to advancing its domestic E&P projects, particularly in the SK316 block, which is vital for maintaining gas production and meeting domestic demand. For the Malaysian oil and gas services industry, the award signals sustained investment by the national oil company, providing a positive outlook for subcontractors and service providers in the region.
Looking ahead, Vantris Energy’s management has indicated that priority now rests on strong project execution, healthier cash generation, and building a sustainable growth foundation. The second work order, while not detailed in the filing, adds further depth to the company’s backlog. Industry observers will watch for additional contract announcements and the company’s ability to deliver on these commitments, which could lead to further improvements in its financial performance and share price momentum.
Key entities: Vantris Energy, VTEB Offshore, PETRONAS Carigali, SK316, Sapura Offshore, Malaysia
Source: theedgemalaysia.com · 2026-09-25 · https://theedgemalaysia.com/node/819346
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