Tanjung Offshore seals Hibiscus extension

Malaysia’s Tanjung Offshore has bagged a contract extension from Hibiscus Oil & Gas for maintenance, construction and modification services on the PM3-CAA oilfield.

Under the agreement, the offshore services player of T7 Global will stay on the job until mid-December this year, following the initial fixture in December 2024.

Financial terms surrounding the deal were not disclosed, but the company’s board expects the award to contribute positively to the earnings and its net assets for the financial year ending December 31, 2025, T7 Global said in a filing with Bursa Malaysia.

The PM3 Commercial Arrangement Area consists of three Malaysian PSCs and one Vietnamese PSC, which hold several producing fields – Bunga Orkid, Bunga Pakma, Bunga Raya, Bunga Seroja, Bunga Kekwa, Bunga Tulip, Bunga Lavatera, and Bunga Aster.

The fields are developed using fixed platforms with gas pipelines to Peninsular Malaysia and Vietnam, while oil is exported via the FSO Orkid and FSO PM3 CAA.