Cortez Subsea, OCBS Ink MPS Deal (Malaysia)
- Business & Finance
Cortez Subsea has established its first foothold in the Malaysian oil and gas sector after joining forces with Oceancare Corporation Sdn Bhd (OCBS) to equip the firm with their modular pipelay system (MPS) which has NOV Tuboscope Zap-Lok connection technology.
The alliance will allow the companies to put their joint technology capabilities forward for Petronas’ Vender Development Program, which will give a significant advantage when bidding for work in the region.
The move marks another milestone in Cortez Subsea’s international growth strategy, which has already seen it undertake projects in Trinidad and Tobago.
Alasdair Cowie, managing director of Cortez Subsea, said: “We are gearing up for an intense period of activity in our business with increasing demand in the industry for the services we provide across subsea pipeline, inspection and intervention.
“We have established a strong reputation for developing collaborative partnerships that deliver value to the North Sea industry and this alliance provides the platform for us to export our technology to a new international market with a well-respected and established regional partner.”
MPS allows the use of the Zap-Lok connected pipeline to be installed from any suitable offshore multi-purpose DP vessel. Designed to facilitate the storage, handling, connection and deployment of the pipeline in an S-lay configuration onto the seabed, it can deliver up five kilometres of pipe per day.
Cowie added: “Malaysia is forecast to lead the South East Asian region for offshore investment over the next three years with a number of major projects and significant fields expected to come on-stream. Across the entire pipeline market, Malaysian developments are expected to require the largest expenditure over the next five years so there is a substantial market opportunity for proven technology suppliers like us.”
OCBC president, Datuk Nelson Balang Rining, said: “Through the exclusive signing of the agreement, it will be an added-value for OCBS by having the Zap-Lok technology from Cortez Subsea. Thus, we are confident of its potential to be part of the billion ringgit VDP project.”
Video/Image: Cortez Subsea