1. INTRODUCTION
The Board of Directors of OVH ("Board") wishes to announce that two wholly-owned subsidiaries of the Company, namely Ocean Vantage Engineering Sdn. Bhd. ("OVE") and Ocean Vantage Inspection Testing Sdn. Bhd. ("OVIT"), accepted letters of appointment from Petroliam Nasional Berhad ("PETRONAS") on 10 July 2026 appointing OVE and OVIT as panel contractors under the Pan Malaysia Appointment of Panel Contractor for the Provision of Integrated Well Continuity Services for Intervention, Workover and Abandonment ("IWCS") for Petroleum Arrangement Contractors ("PACs") (the "Appointment").
The approval for the release of this announcement was obtained from PETRONAS on 13 August 2026.
2. INFORMATION ON THE IWCS PANEL ARRANGEMENT
The IWCS is a Pan Malaysia panel contractor arrangement for the provision of integrated well continuity services covering intervention, workover and abandonment activities, and is intended to be shared and utilised by all 17 PACs operating in Malaysia.
The IWCS comprises a total of 13 packages across three broad categories, namely Package A (Integrated Well Intervention), Package B (Integrated Workover for Production Enhancement and Abandonment), and Package C (Integrated Subsea Intervention and Abandonment).
OVE and OVIT have collectively been appointed for 10 packages under the IWCS.
3. DETAILS OF THE APPOINTMENT
a) OVE has been appointed for 9 packages, namely:
- Sub-Package A3 - Coiled Tubing Unit & Services (Package A: Integrated Well Intervention);
- Sub-Package A4 - Wellhead Maintenance, RTI Sensor & Well Leak Repair Services (Package A: Integrated Well Intervention);
- Sub-Package A5 - Well Tractor & Stroker Services (Package A: Integrated Well Intervention);
- Sub-Package A7 - Through Tubing Services (Package A: Integrated Well Intervention);
- Sub-Package A8 - Integrated Well Intervention & Project Management Team (PMT) Services (Package A: Integrated Well Intervention);
- Sub-Package B1 - Perforate, Wash and Cement (PWC) Services (Package B: Integrated Workover for Production Enhancement and Abandonment);
- Sub-Package B2 - Fishing, Milling and Abandonment Equipment and Services (Package B: Integrated Workover for Production Enhancement and Abandonment);
- Sub-Package B3 - Integrated Workover for Production, Enhancement and Abandonment (Package B: Integrated Workover for Production Enhancement and Abandonment); and
- Sub-Package C1 - Integrated Subsea Intervention, Abandonment and Project Management Team (PMT) Services (Package C: Integrated Subsea Intervention and Abandonment).
b) OVIT has been appointed for 1 package, namely:
- Sub-Package A1 - Slickline Services (Package A: Integrated Well Intervention).
The Appointment is on a panel/umbrella basis. As such, no contract sum has been fixed as at the date of this announcement. Actual work orders and their respective values will be determined progressively through mini-competitions/mini-bids to be conducted by the respective PACs over the duration of the Appointment, depending on their operational requirements.
The tenure of the Appointment shall commence on 10 July 2026 and expire on 9 October 2029, unless extended, renewed or terminated earlier in accordance with the terms of the Appointment.
OVE and OVIT intend to fund their respective obligations under the Appointment via internally generated funds and/or borrowings, as may be required for each mini-bid awarded from time to time.
4. FINANCIAL EFFECTS
The Appointment will not have any effect on the issued share capital or the shareholdings of the substantial shareholders of OVH.
As the Appointment is on an umbrella/panel basis without a fixed contract sum, the actual contribution to the earnings and net assets of OVH and its subsidiaries ("OVH Group") will depend on the value and quantum of work orders awarded pursuant to mini-bid over the duration of the Appointment. The Board expects the Appointment to contribute positively to the earnings of the OVH Group over the tenure of the Appointment.
The Appointment is not expected to have any material effect on the gearing of the OVH Group as at the date of this announcement.
5. RISK FACTORS
The Board does not foresee any exceptional risks other than the normal operational and execution risks associated with the Appointments, including but not limited to the availability of manpower, fluctuations in material prices, regulatory requirements, weather conditions, where applicable, and the timely performance by all contracting parties. Nevertheless, the Group will take the necessary steps to mitigate such risks as and when they occur.
6. APPROVAL REQUIRED
The Appointment, being part of the ordinary course of business of OVH, is not subject to the approval of shareholders of OVH and/or any relevant regulatory authorities.
7. DIRECTORS' AND MAJOR SHAREHOLDERS' AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHAREHOLDER'S INTERESTS
None of the Directors and/or major shareholders of OVH or persons connected to them has any interest, direct or indirect, in the Appointment.
8. STATEMENT BY THE BOARD OF DIRECTORS
The Board, after considering all aspects of the Appointment, is of the opinion that the Appointment is in the best interests of OVH.
This announcement is dated 14 August 2026.