Tuesday, November 7, 2017

Eversendai wins Saudi Aramco offshore fabrication project

Malaysian engineering and construction company Eversendai said its wholly owned subsidiary Eversendai Offshore RMC FZE in the UAE, has been awarded a major offshore fabrication project worth RM180 million ($42.46 million) by state oil giant Saudi Aramco.

Eversendai Offshore won this contract through Italian oil and gas industry contractor Saipem, which is one of the long-term agreement engineering procurement and construction (EPC) contractors for Saudi Aramco.

This project win makes it the first Malaysian company to be working on a Saudi Aramco offshore fabrication project, said the company in its statement.

Eversendai Offshore also recently won key 9com certification from Saudi Aramco that allows it to execute the oil giant's projects which are only open to prequalified and approved companies who fulfill its highly stringent requirements, it stated.

With this certification, the Malaysian group’s fabrication yard in Ras Al Khaimah becomes a pre-qualified vendor for fabrication and construction of offshore platforms and jackets for Saudi Aramco.

Eversendai Offshore expects this to be the first of many more projects to come its way from Saudi Aramco which is projected to invest more than $300 billion over the next 10 years, said a senior official.

Despite the current oil and gas market sentiment, Saudi Aramco has awarded $5 billion worth of projects from 2016 to-date.

"As the number of fabrication yards in the Middle East with Saudi Aramco certification is limited, Eversendai has a high potential in increasing its bid conversion rate bidding through the long-term agreement (LTA) EPC contractors or through Saudi Aramco itself directly," stated Narish Nathan, the chief executive of Eversendai Offshore

Eversendai Offshore, he stated, managed to receive the 9com certification mainly due to the extensive quality and safety requirements the group has placed in its Ras Al Khaimah yard, and having highly experienced and qualified personnel to execute projects there.

Eversendai Group Managing Director AK Nathan said its 200,000-sq-m offshore unit at Ras Al Khaimah, UAE, was the crowning jewel of the group, which was capable of fabricating and loading out heavy structures such as offshore jackets, platforms and process modules into the water directly.

A relatively young player in the oil and gas industry, the Eversendai unit boasts an annual production capacity of 30,000 tons of fabricated materials.

"The Ras Al Khaimah facility is only 2.5 years old and to receive this highly sought-after certification is indeed a feat we are proud of," remarked Nathan.

“Eversendai is the pioneer company from Malaysia to have received this coveted certification and to be awarded a major fabrication project for Saudi Aramco in a relatively short time upon the certification, is on its own, a worthwhile merit for us,” he added.-TradeArabia News Service

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