KUCHING: Ocean Vantage Holdings Bhd (OVH) is positioning itself to tap into engineering, procurement and construction (EPC) opportunities arising from Sarawak’s growing downstream activities and infrastructure expansion.
Chairman Nor Azzam Abdul Jalil said rising pipeline installations and demand for support services in Sarawak and Sabah align with OVH’s strategic focus.
The group is exploring partnerships with Petroleum Sarawak Bhd (Petros) and forging alliances with technology firms and global players to enhance its offerings.
To deepen its expertise, OVH is undertaking a gas condensate study and is actively bidding for EPC tenders, particularly in East Malaysia.
“Downstream momentum is driven by plant turnarounds, specialty chemicals, biofuels, and liquefied natural gas (LNG) demand, while aging offshore support fleets add urgency to maritime upgrades,” said Nor Azzam in 2024 annual report.
The Sarawak government, via Petros, is expanding local participation and downstream investments, especially in carbon capture and storage (CCS) and natural gas optimisation.
According to the Petronas Activity Outlook 2025–2027, upstream activity is expected to remain stable, with emphasis on production optimisation, facilities upgrades, and maintenance. Innovation, sustainability, and talent development are key themes.
Despite lower FY2024 revenue of RM123.6 million (FY2023: RM169.7 million) due to the near-completion of the Bintulu Additional Gas Facility 2 (BAGSF 2) project, OVH saw resilience in manpower and equipment segments.
After-tax profit dipped to RM0.88 million (FY2023: RM3.51 million).
Nor Azzam said new investors and leadership appointments in September mark a fresh chapter, adding momentum to OVH’s long-term diversification into renewable energy, power generation and construction.
