Carimin enters COA with Bermuda Subsea

PETALING JAYA: Carimin Petroleum Bhd's wholly-owned subsidiary Carimin Engineering has entered into a collaboration agreement (COA) with Bermuda Subsea Sdn Bhd to pursue selective opportunities involving hook-up and commissioning (HUC), topside and subsea services.
Bermuda Subsea, founded in 2008, focuses on providing underwater services for remotely operated vehicles (ROV) and diving services for the domestic and regional oil and gas (O&G) markets, including Petronas CariGali, Shell, Conoco-Phillips, FPSO Venture, Nippon Oil, Carigali-Hess, Brunei Shell Petroleum as well as Petronas Carigali Myanmar.
Carimin Petroleum managing director Mokhtar Hashim said this exclusive collaboration with Bermuda Subsea is a step forward towards achieving its vision to be an integrated service provider for maintenance and HUC of both onshore and offshore O&G works.
"Carimin has already built up the track record in providing HUC and maintenance services, and the provision of subsea services through Bermuda Subsea is complementary to our services and grants us a keener competitive edge by delivering an integrated scope of services to oil majors," he said in a statement yesterday.
Furthermore, Bermuda Subsea and Carimin's sharing of resources includes reviewing the vessel design and technical specifications to transform its DP2 Accommodation Workboat – Carimin Acacia – into a DP2 Multi-Purpose Support Vessel that meets the underwater services requirements.
"We believe that enhancing our fleet's capabilities will place us in a favourable position in tenders," added Mokhtar.
Bermuda Subsea is currently bidding for projects involving the provision of underwater inspection, repair and maintenance services, including from Petrofac, Murphy Oil, E&P O&M Services (EPOMS) and Al-Khafji Joint Operation (the Joint Venture of Kuwait Gulf Oil Company and Aramco Gulf Operations) in the Middle East.
"Should Bermuda Subsea be successful in the bids, it will consider support from Carimin Engineering to provide the project financing support in terms of marine assets and equipment and other underwater tooling/services. Carimin Engineering is not obliged to provide project financing," Carimin said in a filing with Bursa Malaysia yesterday.
Where possible, both companies will continue to collaborate in joint tender bidding activities; predominantly Bermuda Subsea will continue to support Carimin Engineering to complement the underwater services requirements and vice-versa Carimin Engineering to get support from Bermuda Subsea for underwater services requirements within HUC projects.
For the first quarter ended Sept 30, 2014, Carimin posted a net profit of RM5.53 million on revenue of RM65.53 million, mainly derived from its offshore HUC operations.