Destini lands tubular deal with Petronas
- Business & Finance
Malaysian engineering solutions provider Destini has been awarded a contract by Petronas Carigali for the provision of tubular handling, conductor installation and slot recovery equipment and services for the Pan Malaysia Petroleum Arrangement Contractors (PAC) Operators’ Drilling Program.
The award which was received by Destini Oil Services (DOS), a subsidiary of Destini, will see DOS as the primary contractor for tubular handling, conductor installation and slot recovery for shallow water in East Malaysia and tubular handling for deep water, Destini said on Monday.
In addition, DOS was appointed as secondary contractor for tubular handling, conductor installation and slot recovery for shallow water in West Malaysia.
The contract has a duration of three years with an extension option of another two years. The total value of the contract will depend on the work orders to be issued by Petronas Carigali throughout the duration of the contract.
According to Petronas’ report titled “Activity Outlook 2019-2021” released in December 2018, the national oil corporation intends to maximize ultimate oil recovery of existing brownfields and greenfields to achieve an average production of 1.7 million barrels of oil equivalent per day over the next five years.
Destini said that this contract award signifies an increasingly positive outlook for the oil and gas industry in which Destini expects an intensification of drilling activities by oil and gas producers worldwide