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Vahana Offshore founder Tan Sri A.K. Nathan says the liftboat business is very lucrative and it will help boost the company’s earnings.

TAN Sri A.K. Nathan’s privately-held Vahana Offshore (S) Pte Ltd will award new contracts worth over RM600 million to Eversendai Corp Bhd.

The contracts will be awarded by early next year, he said in an interview, here, recently.

Nathan, who founded Vahana Offshore this year, owns 70.95 per cent of Eversendai, an integrated structural steel turnkey and power plant contractor.

He is awarding the contracts to Eversendai’s wholly-owned unit, Eversendai Offshore, via Vahana Offshore, to create a track record and platform for the company to build liftboats and jack-up rigs for the oil and gas (O&G) sector.

The Eversendai group will be the first Malaysian outfit to build these units on its own. 

The units will be fabricated at its yard at RAK Maritime City in Ras Al Khaimah, United Arab Emirates.

Last month, Vahana Offshore awarded RM580 million worth of contracts to Eversendai Offshore to build two liftboats, which will be ready in February and May 2016, respectively. 

Each liftboat will have four 95-metres truss-type legs with electric drives and pinion jacks that will allow it to jack up to a depth of 70 metres.  

“I plan to build two more liftboats, which will have four truss-type legs of over 100 metres and can work to a depth of more than 100 metres. It will also have a larger deck space, and accommodation for over 200 people.

“By virtue of constructing liftboats, we are building a platform for Eversendai to build jack-up rigs. After that we will venture into refurbishment and maintenance of liftboats and jack-up rigs to create recurring income business.

“The business for liftboats is very lucrative and it will inch up our earnings. Jack-ups rigs are a suppporting business, which will help grow the company,” Nathan said.

On Vahana Offshore, he said the company will eventually own assets in the marine and O&G sectors.

“I am taking the risk to become an owner of these assets and by awarding contracts to Eversendai Offshore to pre-qualify the Ras Al Khaimah yard, creating a track record for the company in the O&G sector.

“My life is all about Eversendai,” Nathan said.

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