Destini gets two-year contract from Europe’s Lundin Petroleum

by **Cals** Tue 24 Jun 2014, 23:54

Business & Markets 2014

Written by Cynthia Blemin of theedgemalaysia.com

Tuesday, 24 June 2014 10:01

KUALA LUMPUR: Destini Bhd unit Samudra Oil Services Sdn Bhd has bagged a two-year hammer services and equipment contract from Lundin Malaysia BV, a unit of Lundin Petroleum AB, a Swedish independent oil and gas exploration and production company.
Destini, the maintenance, repair and overhaul service provider (formerly known as Satang Holdings Bhd) in a statement yesterday said the contract, which is for the Lundin drilling campaign, has an option to extend for another year. It didn’t specify the value of the contract.
Destini managing director Datuk Rozabil Rahman said the contract is expected to contribute positively to the group’s earnings for the next two to three years.
“This appointment testifies to and acknowledges Samudra Oil’s capability and experience in such a technically challenging field. Home-grown Samudra Oil is one of the few players in the world providing pivotal products and services to serve the upstream oil players,” he said.
Moving forward, Rozabil said Destini hopes to tap further into the oil and gas value chain to cross-sell its other services in maintenance, repair and overhaul for safety, survival and rescue equipment for the oil and gas industry.
It said Samudra Oil has an order book of about RM600 million, which will keep the group busy for the next five years.
Lundin Petroleum is one of the largest independent oil exploration companies in Europe, with exploration and production assets focused on two core areas — Norway and Southeast Asia. It also has assets in France, the Netherlands and Russia.

This article first appeared in The Edge Financial Daily, on June 24, 2014.