Oilcorp subsidiary secures RM36m job

written by Joseph Chin

KUALA LUMPUR:OILCORP BHD []'s subsidiary has secured a two-year fabrication and CONSTRUCTION [] job from Carigali Hess for its brownfield retrofit project, with the first package valued at RM36 million.

Oilcorp said its subsidiary Oilfab Sdn. Bhd would provide the project management team and also the onshore fabrication, logistics support, offshore hook-up and construction and commissioning.

"The project is a unit rate contract based on measurement of work done and agreed unit rates. The contract shall be valid for the initial period of two years followed by an option to renew for another 2 years and thereafter another option for a further one year," it said.

Oilcorp said the contract was expected to contribute positively to the earnings and the net assets of the group for the financial years ending Dec 31, 2009 to 2013, provided both extension options are exercised by Carigali Hess.