Destini Berhad (Destini or Group) has been awarded a US$5.2 million (RM21.17 million) contract from Posco Daewoo Corporation (PDC) for the provision of tubular running services (TRS) in Myanmar.
PDC is a Korea-based oil and gas company that first began its offshore gas field project in Myanmar in 2000. After over a decade of exploration and development processes, the field started commercial production in 2013.
Destini has had a foothold in Myanmar since 2012. The Group entered the country by providing its TRS services to Petronas Carigali Sdn Bhd (PCSB) and has completed a number of offshore projects. Currently, Destini is commissioning two other land and offshore exploration related contracts with PCSB and its subsidiaries.
President and Group Chief Executive Officer Datuk Rozabil Abdul Rahman said; “The award of this contract reinforces Destini's position as a global TRS provider.
Further, it showcases Destini's recognition in the industry by another major international company. Meanwhile, Destini is planning to consolidate our position in Myanmar by bidding for more projects in the country.”
The contract to Destini awarded by PDC, is expected to contribute positively to the Group’s earnings.
“In line with our strategy to enhance Destini’s long-term earnings visibility for its exploration and development business, we will focus on expanding and strengthening Destini’s capabilities beyond local shores. This will enhance the Group’s global footprint as an oil and gas player,” said Rozabil.