Kuala Lumpur, November 6, 2017: Eversendai Corporation Berhad (The Group) today announced that its wholly owned subsidiary Eversendai Offshore RMC FZE in the UAE, has been awarded a major offshore fabrication project for Saudi Aramco. This project win makes Eversendai the first Malaysian company to be working on a Saudi Aramco offshore fabrication project.
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 USD300 billion over the next 10 years. Despite the current Oil and Gas market sentiment, Saudi Aramco has awarded USD5 billion worth of projects from 2016 to-date. Eversendai Offshore received the project award through Saipem S.p.A. which is one of the Long-Term Agreement (LTA) Engineering Procurement and Construction (EPC) contractors for Saudi Aramco.
Eversendai Offshore was also recently certified with the Saudi Aramco 9com certification that allows it to execute Saudi Aramco projects which are only open to prequalified and approved companies who fulfil highly stringent requirements by Saudi Aramco. With this certification, the company’s fabrication yard in Ras Al Khaimah becomes a pre-qualified vendor for fabrication and construction of Offshore Platforms and Jackets for Saudi Aramco.
“As the number of fabrication yards in the Middle East with Saudi Aramco certification is limited, Eversendai has a high potential in increasing their bid conversion rate bidding through the Long-Term Agreement (LTA) Engineering Procurement and Construction (EPC) contractors or through Saudi Aramco itself directly” said Narish Nathan, Chief Executive Officer of Eversendai Offshore
He also said, Eversendai Offshore managed to receive the 9com certification mainly due to the extensive quality and safety requirements Eversendai have placed in their Ras Al Khaimah yard, and having highly experienced and qualified personnel to execute projects there.
“Eversendai Offshore is a relatively young player in the Oil and Gas industry. Our facility in Ras Al Khaimah is only 2.5 years old and to receive this highly sought-after certification is indeed a feat we are proud of,” said Tan Sri A K Nathan, Group Managing Director of Eversendai Corporation Berhad. “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 further said.
Eversendai’s sixth Fabrication Facility in Ras Al Khaimah, UAE is the Crown Jewel of Eversendai which owns a total of seven fabrication facilities. The 200,000m2 Ras Al Khaimah yard has a 550m jetty with 7m water depth at low tide and this enables Eversendai to fabricate and loadout heavy structures such as offshore jackets, platforms and process modules into the water directly. With an annual production capacity of 30,000 tons of fabricated materials, the jetty is also able to loadout 12,000 tons.
The Group today announced its new wins of RM180million which include 13 gantry structures project in Doha; a mixed-use development project which comprises of commercial, retail cultural and entertainment areas in Doha; a bank headquarters building in Dubai; as well as jackets for Saipem in the Kingdom of Saudi Arabia. With the winning of the Saudi Aramco project, Eversendai brings its total project wins up to RM1.56billion to-date for the year 2017, while its order book stands at approximately RM2.3billion.