Tanjung Offshore gets RM100m Repsol contract

PETALING JAYA: Tanjung Offshore Bhd’s subsidiary Tanjung Offshore Services Sdn Bhd (TOS) has been selected as one of the suppliers of manpower for Repsol Oil & Gas Malaysia Ltd, under an umbrella contract valued at RM100 million.
The duration of this contract is two years with a one year extension option commencing from the letter of award, Dec 7, 2016.
In a filing with the stock exchange, Tanjung said risk factors affecting the award include execution risks such as availability of skilled manpower and regulatory conditions.
“Nevertheless, Tanjung will undertake all the necessary efforts to mitigate the various risks factors identified. Throughout the years, Tanjung has established its track record and expertise to undertake and execute similar project,” it said.
The contract is expected to contribute positively towards the earnings and net assets per share of Tanjung for the financial years ending Dec 31, 2017.
“Securing contracts with renowned industry players like Repsol certifies our expertise and quality of our services in the industry. We are always actively enhancing our strengths and capabilities to ensure business sustainability. The group is constantly tendering for various projects locally and overseas. We are optimistic that we will be able to keep replenishing our order book and maintain the group’s growth momentum moving into 2017,” said TOS CEO Muhammad Sabri Ab Ghani in a statement.