Shell (SHEL) Grants EPC Service Contract to Malaysia's MMHE
Shell SHEL recently awarded an engineering, procurement and construction (EPC) service contract to the Malaysian shipbuilding and heavy engineering industries company — Malaysia Marine and Heavy Engineering (“MMHE”). The contract has been awarded for an offshore platform of the Rosmari-Marjoram gas project situated off the coast of the Malaysian state of Sarawak.
The contract award comes approximately a month after Shell made a final investment decision to develop the Rosmari-Marjoram gas project, which contains deepwater sour gas fields discovered in 2014. Moreover, the project duration is said to be 19 months, with its value being approximately less than half a billion ringgit.
The contract includes the construction of a wellhead platform, a topside, a four-legged jacket and piles. The platform is to be installed at a water depth of 140 meters within the SK318 area, off the coast of Bintulu in Sarawak.
Having a design life of 20 years, the unmanned platform will predominantly be powered by renewable energy, specifically solar panels. It will cater for up to 800 million standard cubic feet of gas per day, with a startup targeted in 2026 for supplying natural gas to the Petronas LNG Complex in Bintulu, Sarawak.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with worldwide operations. The company is fully integrated as it is involved in all aspects of energy, from oil production to refining and selling.
Shell currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at some other similar-ranked stocks — Exxon Mobil XOM, Murphy USA MUSA and PBF Energy PBF. You can see the complete list of today’s Zacks #1 Rank stocks here.
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