Vantris Energy has strengthened its financial position by receiving two major contracts worth a total of $441.8 million (RM1.8 billion) from Petronas Carigali, a subsidiary of Petronas Malaysia, and PTTEP HK Offshore and PTTEP Sarawak Oil, subsidiaries of Thailand's PTTEP.
Contract Details
Vantris Energy's Engineering and Construction (E&C) division has received work orders from Petronas Carigali and PTTEP to provide marine transportation and installation services in Malaysia. These orders have been assigned to VTEB Offshore, a wholly owned subsidiary of Vantris Energy. The contract with Petronas Carigali includes marine transportation and installation work that will be carried out under the existing contract for providing marine facilities services.
Read more: SLB Signs Major Contracts with Aramco for Over 450 Oil Wells
Work with Petronas Carigali is scheduled to commence in the third quarter of 2026 and is expected to be completed by the fourth quarter of 2027. Work with PTTEP will also begin in the third quarter of 2026 and is anticipated to finish by the end of the fourth quarter of 2027.
Implications of the Contracts and Future Outlook
These contracts will help strengthen Vantris Energy's order book and reflect the company's focus on securing opportunities that align with its core capabilities and operational strengths. Muhammad Zamri Jusoh, CEO of Vantris Energy Group, stated: “These awards demonstrate the strength of our marine construction capabilities. As we continue to rebuild and strengthen our order book, our focus is on precise execution, safe delivery, and operational excellence.”
He also emphasized that the current priority is to convert these wins into strong project performance, generate healthy cash flow, and establish a solid foundation for sustainable growth. These contracts could be seen as a milestone in Vantris Energy's marine activities in Malaysia and will aid in the growth and development of the company.
Read more: Questioning the Oil Minister about the Cancellation of Oil Contracts between Iran and China · Cooperation Agreement between Dr. Rado Antolovic and Cochin Shipyard in Marine Repairs
