On March 3, 2026, Malaysia Marine and Heavy Engineering Holdings Limited announced through the Malaysian Stock Exchange that its wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Private Limited, has officially won a four-year Sarawak offshore engineering contract from PTTEP Sarawak Petroleum Limited and PTTEP Hong Kong Petroleum Limited, subsidiaries of Thailand's upstream energy giant PTT Exploration and Production Company. This contract is based on a price agreement as the core pricing model, which is an important achievement won by MHB through strict competitive bidding procedures, and also the first time that both parties have established a direct cooperative relationship.

The core of this contract covers the entire chain of engineering, procurement, and construction services for the development platform of marginal oil fields in the Sarawak waters, focusing on the construction of design platforms for marginal oil fields. The specific task is to build up to 11 wellhead platform facilities. As the core infrastructure for the development of marginal oil fields, the weight of each wellhead platform is controlled within the range of 1500 to 2000 tons, and a standardized design scheme is adopted to accurately adapt to the small reserves and sensitive development costs of marginal oil and gas reservoirs in the Sarawak area. Through technological optimization, efficient resource utilization is achieved.

All platform construction work will be concentrated at MHB's core shipyard located in Gudang, Johor, Brazil. The shipyard is one of the largest offshore shipyards in Malaysia, equipped with professional heavy manufacturing equipment and mature project management system. Relying on MHB's more than 50 years of offshore engineering experience, it can ensure the quality and progress of platform construction. After construction, these platforms will be transported to the Sarawak waters by professional sea transport fleets for offshore installation and commissioning, and ultimately fully integrated into PTTEP's regional oilfield development network.

This contract is a framework price agreement, and the specific total revenue will be determined based on the actual number of work orders issued by PTTEP during the four-year contract period. The specific amount of the contract has not been disclosed. At present, the construction orders for four wellhead platforms have officially come into effect, marking that the project has entered the substantive start-up stage. Keywords: Malaysia, Sarawak, oil field development

The implementation of this project not only consolidates MHB's position in the Southeast Asian offshore oil and gas engineering market, but also deepens the cooperation between Malaysia and Thailand in the energy field, helping to commercialize a large number of "easy to discover but difficult to use" marginal and sub marginal oil and gas reservoirs in the Sarawak waters, and promoting the efficient utilization of regional energy resources. Editor/Gong Ziwei