Ocean Installer and Barakah in Malaysia Subsea Alliance
- Business & Finance
Barakah Offshore Petroleum Berhad’s wholly-owned subsidiary, PBJV, has signed a Memorandum of Collaboration (MOC) with a Norwegian subsea service provider, Ocean Installer to exclusively work together in Malaysia to provide deepwater installation of subsea umbilicals, risers and flowlines (SURF) and related services.
Under the MOC both companies will share expertise, resources and develop business for the offshore oil and gas market jointly in Malaysia and also identify prospects for suitable oil and gas-related projects to be pursued and tendered jointly and on an exclusive basis.
Encik Nik Hamdan Daud, Deputy Executive Chairman of Barakah, said: “This collaboration will allow us to serve the full spectrum of subsea installation market for Malaysia’s O&G industry and a step up for Barakah to be involved in deepwater segment. Together, we hope to provide good value for money solutions to our existing/potential clients. We are optimistic that the co-operation will support Barakah’s ambition to move up the value chain.”
According to Barakah, the collaboration is a good fit for both PBJV and OI to widen the range of services and market reach for the Malaysia’s O&G industry. PBJV currently provides mainly shallow water (up to 200m water depth) installations of subsea infrastructures involving rigid pipelines and fixed platform structures while Ocean Installer focuses its attention in the deep water (200m to 3000m depth) segment.