GPS-MISC venture wins $320m deal
Dubai, August 21, 2008
Global Process Systems (GPS) of Dubai and its joint venture partner MISC of Malaysia have won a major contract in Malaysia.
The contract awarded by PCPP Operating Company of Malaysia is for the lease of two mobile offshore production units (MOPUs) for deployment offshore Sarawak, Malaysia.
The contract is worth approximately $320 million to $360 million with an estimated capital expenditure of between $150 million and $170 million, a statement said.
PCPP is a joint-venture company between Petronas Carigali, Pertamina and PetroVietnam Investment & Development Company.
The project will be undertaken via MISC’s subsidiary, Malaysia Offshore Mobile Production Ltd (MOMPL). GPS, an international provider of MOPU solutions, is MISC’s partner in this venture. MISC holds a 70 per cent stake in MOMPL with GPS owning the remaining 30 per cent.
The MOPUs will be deployed on the D30 and Dana Field Development projects on Block SK305 offshore Sarawak, for a contract period of 10 years. First oil is expected in June and September 2009 respectively. This marks the first time that Petronas, Malaysia’s national oil company, will utilise MOPUs, proven to be a more cost-effective and faster method of bringing hydrocarbons on stream, as compared to conventional production platforms, said the statement.
GPS chief executive Clint Elgar, said: “This marks another significant milestone for the GPS Group in the MOPU market. We already have three MOPUs in service and this contract to supply two units for deployment in Malaysia is a major achievement for us.”
One of the existing MOPUs is in operation at Santos Australia's Maleo Development, offshore Indonesia, while the other two are in operation in Malaysian waters for Murphy Oil and for Petrofac on its Cendor Development.
The upgrade and conversion works of the MOPUs for PCPP will be undertaken by MISC’s wholly owned subsidiary, Malaysia Marine & Heavy Engineering in Pasir Gudang, Johor, Malaysia, the statement said. – TradeArabia News Service