Tanjung Offshore Secures Contract for PM3-CAA Oilfield Services

Malaysian offshore services provider Tanjung Offshore, a subsidiary of T7 Global, has recently been awarded a contract for maintenance, construction, and modification services on the PM3-CAA oilfield.

According to a filing with Bursa Malaysia, the contract was granted by an affiliate of Hibiscus Petroleum, a fellow Malaysian energy company.

The contract is scheduled to commence on December 19, 2024, with an initial duration of six months. Additionally, Hibiscus Petroleum retains the option to extend the contract for an additional six months.

The PM3 Commercial Arrangement Area encompasses several Malaysian and Vietnamese Production Sharing Contracts (PSCs), including fields such as Bunga Orkid, Bunga Pakma, and Bunga Raya.

These fields are operated using fixed platforms with gas pipelines connecting to Peninsular Malaysia and Vietnam, with oil exports facilitated through the FSO Orkid and FSO PM3 CAA vessels.

Following the completion of operatorship transfer in January 2022, Hibiscus Petroleum now holds a 35% stake in the PM3-CAA oilfield, previously managed by Repsol. PetroVietnam and Petronas Carigali are the two other partners involved in the project.

This contract win marks Tanjung Offshore’s second announcement this week, following a long-term agreement with Carigali Hess for offshore maintenance, construction, and modification activities in Malaysian waters.