Jasa Merin bags SSV contract from Carigali Hess
- Business & Finance
SILK Holdings Bhd has announced that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd, has been awarded a contract by Carigali Hess Operating Company Sdn Bhd, for the provision of Straight Supply Vessel (SSV).
The contract which started on 12 May 2014 is for a primary term of two years with three extension options of one year each at the discretion of Carigali Hess.
Jasa Merin has two SSV vessels in its fleet, MV JM INDAH and MV JM MURNI. SSV are vessels specifically designed for the transportation of supplies to and from offshore installations. This involves the transportation of items in containers or dry bulk cargo such as cement and pipes on deck.
The contract, valued at approximately $7 million for the primary term, is expected to contribute positively to the earnings of the Group for the financial year ending 31 July 2014 and beyond.
Jasa Merin (Malaysia) Sdn Bhd, (JM) is a private limited company incorporated in Malaysia on 14 March 1980 as Jackson Marine Sdn Bhd. JM started operation in 1982 and subsequently assumed its present name in 1987. For over 25 years, JM has been providing offshore support vessels (“OSV”) services to oil majors such as PETRONAS Carigali Sdn Bhd (PCSB) and ExxonMobil Exploration and Production Malaysia Inc (EMEPMI).
SILK Holdings Berhad (SHB), the parent company of JM. SHB, owns 70% of JM while Terengganu State Government holds the remaining 30% via Terengganu Incorporated Sdn Bhd (TI).