Ramunia in gas project deal with Carigali-PTTEPI Operating
New Straits Times(Business Times)
19 November 2006

RAMUNIA International Services Ltd has reached an agreement with Carigali-PTTEPI Operating Co Sdn Bhd (CPOC) on the engineering, procurement, construction and commissioning (EPCC) contract for JDA Block B-17 in the Thai-Malaysia Joint Development Area (JDA).

The agreement is for payments from CPOC for sums invoiced on the work done for the project estimated at between US$6 million and US$8 million (RM20 million and RM27 million).

On October 31 2007, the two parties recorded a consent order whereby all legal and arbitration proceedings between the parties were discontinued, paving way for the amicable resolution of the contract disagreement.

JDA Block B-17 is scheduled to begin production at 140 MMcf/d of gas in October 2009, with plans to ramp up to 270 MMcf/d in the future.

According to sources close to Ramunia, the company is expected to complete its yard upgrading by first quarter 2008, paving the way for the group to undertake heavier and more complex structures as well prepare for local deepwater jobs.