Oilcorp wins contract for four wellhead platforms

Oilcorp Bhd. subsidiary Oilfab Sdn. Bhd. has secured a $84-million offshore engineering, procurement, construction, and commissioning contract to build four well head platforms for installation in the Malaysia-Thailand Joint Development Area (MTJDA).

Offshore staff

KUALA LUMPUR, Malaysia -- Oilcorp Bhd. subsidiary Oilfab Sdn. Bhd. has secured a $84-million offshore engineering, procurement, construction, and commissioning contract to build four well head platforms for installation in the Malaysia-Thailand Joint Development Area (MTJDA).

The contract was signed with Carigali-PTTEPI Operating Co. Sdn. Bhd. for the gas fields in block B-17 in the MTJDA in the Gulf of Thailand.

The platforms will produce 270 MMcf/d of gas from the fields, which lie 268 km (166.5 mi) east of Songkhla in Thailand and 171 km (106 mi) northeast of Kota Baru in peninsular Malaysia.

The company plans to invest $6 million to upgrade its Malaysian fabrication yard facilities and other infrastructure, including three new factory bays, to facilitate future projects, says, Mohamed Hazali Abu Hassan, Oilfab CEO.

Upgrade work will begin in the next two months, with completion planned for early next year.

8/7/2007

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