M3nergy eyeing Indonesian FPSO business

Malaysian oil and gas field services provider M3nergy Bhd is looking to participate in Indonesian tenders to expand its floating, production, storage and off-loading (FPSO) business, Bernama reported.

?We are bidding for the first contract for an FPSO job in Indonesia. We were called up a week ago to see whether we wanted to participate,? group managing director and chief executive officer Datuk Shahrazi Sha?ari told a briefing Thursday.

It is understood that if its tender was successful, it would be M3nergy?s first project in Indonesia.

The company is also looking to bid for a liquefied petroleum gas floating, storage and off-loading contract in Indonesia.

Currently, M3nergy has operations in Malaysia and Thailand.

Shahrazi said the closing date for tenders for the first FPSO job was Jan 3 next year.

?By April next year, we should be able to know the result. Before the end of the current financial year ending June 2010 (FY10), we should see something for the company,? he said.

If M3nergy was successful its bid, it would take two years to complete the conversion of the FPSO work, Shahrazi said, adding that it would be another income stream for the company from 2012 to 2013.(*)