Tanjung Offshore wins services contract from Hibiscus Petroleum

Malaysian offshore services player Tanjung Offshore, part of T7 Global, has won a contract for maintenance, construction and modification services on the PM3-CAA oilfield.

The company said in a Bursa Malaysia filing that the contract was awarded by an affiliate of compatriot Hibiscus Petroleum.

The deal’s start date is December 19, 2024, and it is expected to last six months. Hibiscus has an option to extend the contract by another six months.

The PM3 Commercial Arrangement Area consists of three Malaysian PSCs and one Vietnamese PSC which hold several producing fields – Bunga Orkid, Bunga Pakma, Bunga Raya, Bunga Seroja, Bunga Kekwa, Bunga Tulip, Bunga Lavatera, and Bunga Aster.

The fields are developed using fixed platforms with gas pipelines to Peninsular Malaysia and Vietnam while oil is exported via the FSO Orkid and FSO PM3 CAA.

The transfer of operatorship of the PM3-CAA was completed in January 2022 when the previous operator Repsol transferred its 35% stake to Hibiscus. PetroVietnam and Petronas Carigali are the two partners in the project.

This is the second deal announced by Tanjung Offshore this week. The first one was a long-term contract from Carigali Hess to carry out maintenance, construction and modification works offshore Malaysia.