INTRODUCTION
VTEB is pleased to announce that its joint venture company, Rawabi Sapura Limited Company (“Rawabi Sapura”), has been awarded a contract titled “Tanajib Diving Support Services” by Saudi Aramco (“the Contract”). Rawabi Sapura is a joint venture between Sapura Saudi Arabia Company (“Sapura Saudi”) and Rawabi Vallianz Offshore Services Company Limited. Sapura Saudi is a wholly owned subsidiary of Sapura Offshore Sdn Bhd, which in turn is an indirect wholly owned subsidiary of the Company.
SALIENT CONTRACT TERMS
The Contract is a fixed-term contract with agreed unit rates. The scope of work will include the provision of comprehensive diving support services, such as diving support vessels (DSV) with crew, remotely operated underwater vehicle (ROV) and associated personnel, diving equipment, divers, diving management, and supervisory, diving and onshore support personnel to perform diving services in Saudi Arabia. The scope of work also covers underwater inspections, surveys, photography, material testing, structural repairs, and related activities.
The Contract takes effect from 1st May 2027 for a period of 7 years until 30th April 2034.
FINANCIAL EFFECTS
The Contract will not have any effect on the share capital and shareholding structure of VTEB. However, it is expected to contribute positively to the earnings of the Company for the financial year ending 31 January 2028 and the subsequent financial years.
RISK FACTORS
Risk factors associated with the Contract include changes in the economic and regulatory environment as well as operational risks such as completion risks and availability of skilled resources. The Group will implement appropriate measures to manage and mitigate these risks, while maintaining its commitment to high standards of quality, health, safety, and environmental (QHSE) compliance.
DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders of the Company and/or persons connected with them have any direct or indirect interest in the award of the Contract.
DIRECTORS’ STATEMENT
The Board is of the opinion that acceptance of the Contract is in the best interest of the Company.
This announcement is dated 21 October 2025.