Ocean Vantage secures RM29.6mil solar EPCC contract

KUALA LUMPUR: Sarawak-based oil and gas (O&G) integrated support services provider, Ocean Vantage Holdings Bhd (OVH) via its wholly-owned subsidiary Ocean Vantage Engineering Sdn Bhd, has accepted a letter of award (LOA) today from Andeli Solar Sdn Bhd to build a large-scale solar (LSS) plant for Coral Power Sdn Bhd, a 70 per cent-owned subsidiary of Minetech Resources Bhd (MRB).

Under the LOA, OVH will undertake off-shore and on-shore works including engineering, procurement, construction and commissioning (EPCC) for the LSS plant that has a cumulative capacity of approximately 9.99 megawatt (MWac) for a fixed contract sum of RM29.6 million.

The LSS floating plant, which is part of the LSS phase two, will be built on a pond located in Manjung, Perak.

The project is expected to complete within four months and contribute positively to the Group’s financial performance.

OVH managing director Kenny Ronald Ngalin said this is a very meaningful project win for the company as it is the single largest EPCC contract secured since OVH was established.

“This also marks our successful foray into the renewable energy business, and hopefully will be the first of many more to come.

“We are excited to pursue this new path of growth and income stream, tapping into the bright prospects of the renewable energy sector.

“There is a lot of potential in this industry. We are confident we will thrive in this new venture leveraging on our existing engineering and project management team expertise. Our aim is to grow the renewable energy portfolio into a key business segment of OVH,” he said in a statement today.

He said while the company expand its footprint into the energy sector, the O&G segment continues to be OVH’s core bread and butter.

“We are pleased to note that the demand for our services remains robust and we are currently still busy executing our existing orders in both Malaysia and overseas.

“The outlook and growth prospects of OVH are promising as we are growing aggressively on several verticals. We are also exploring for opportunities and possible expansion into other segments across the O&G value chain,” he said.

Source: NST