Malaysia-listed offshore services provider Silk Holdings, (Silk) has been awarded a contract worth MYR21.17 million (USD 5.7 million) by Vestigo Petroleum.
The contract is for the provision of marine vessel services to support Vestigo’s drilling programme and production for Tembikai field development.
According to its filing on the Bursa Malaysia, the contract was signed by Jasa Merin Malaysia, a subsidiary of Silk. Work is scheduled to commence in the third week of June 2015 for a primary term of two years.
The contract is expected to contribute positively to the earnings of the group for the financial year ending on 31 July 2015 and beyond. In addition, the contract is not expected to have any effect on the share capital and shareholding structure of Silk.
Silk is based in Kajang, Malaysia, and operates a fleet of 19 vessels, comprising two straight supply vessels and 17 anchor handling tug supply vessels.
Previously, Silk, through its Jasa Merin unit, was awarded a contract worth MYR24.46 million by ExxonMobil Exploration and Production Malaysia (EMEPMI) for the provision of one of straight supply vessel with accommodation in February 2015.
The contract, commencing immediately, is for a primary term of two years and may be extended for a further one year period at the discretion of EMEPMI.