Two Malaysian companies are coming together to support the growth of offshore energy services locally and across the region.
Oil and gas services provider Handal Energy and BumiRaya Petroleum have signed a joint venture agreement to establish a special purpose vehicle that will support the offshore crane services market.
Offshore lifting and other specialist services will play an integral role in the ongoing development of Malaysia’s energy sector, and the wider region, supporting projects and maintenance on new and existing platforms in all areas from well interventions through to decommissioning.
A statement posted to the Malaysian stock market noted that the joint venture expects a “big order book” from the oil and gas sector, as it targets “hundreds of offshore platform opportunities” across the Asia-Pacific region.
The collaboration aims to combine Handal’s financial strength and technological foundation as a listed company with BumiRaya’s flexibility in professional engineering services and market expansion, said BumiRaya managing director Taha Sheikh Mohammad.
“Through our partnership with Handal, BumiRaya will enhance its corporate image and share the advantages of a listed company in financing, such as private placements, rights issues, or bond financing, which will provide the financial impetus for future large-scale expansion.”
Handal will hold a 60% stake in the joint venture, while BumiRaya will hold 40%.
Taha Sheikh Mohammad added that BumiRaya recently completed a RM1 million (US$252,000) crane project from Petra Energy, and currently has 63 similar potential contracts, which it plans to transfer to the joint venture for execution.
According to the statement, there are currently 420 offshore cranes in the region.
Handal, which has experience in manufacturing, refurbishment, repair, leasing and engineering services, owns 15 cranes ready for immediate operation, supporting various offshore platforms.
BumiRaya, a private company established in 2012, holds 12 Petronas operating licenses and is focused on providing specialised technical services, including project management for offshore pedestal cranes and lifting equipment.
Its track record includes work on numerous large-scale projects off Malaysia, Thailand and Brunei, with clients such as Hess and Petronas.
“Looking ahead, with oil prices expected to remain high in the coming years, Handal and BumiRaya are optimistic about order growth,” the statement concluded.
“Both parties believe that this joint venture will more effectively integrate resources, providing a one-stop solution from crane upgrades, such as hydraulic and electrical system updates, to crane leasing, fully capitalising on the golden opportunities presented by the oil and gas industry's recovery.”
The global well intervention market is entering a period of steady growth, with projections indicating it will rise from US$15.1bn in 2025 to nearly US$22.11bn by 2032 according to a recent report from Maximise Market Research.
In the Middle East, expansion is being driven by a clear need to maintain ageing oilfields while improving efficiency across both onshore and offshore operations.
Across the region, operators are increasingly turning to smarter and more flexible solutions. AI driven platforms and digital workflows are helping companies monitor wells more accurately, predict maintenance needs, and reduce downtime. At the same time, rigless offshore services are gaining traction as they offer a more cost effective and less disruptive way to carry out interventions, especially in mature fields that require regular upkeep.
The Middle East remains one of the most important oil producing regions in the world, and many of its fields have been active for decades. This creates consistent demand for intervention services that can extend well life and maximise output. Technologies such as wireline, coiled tubing, and hydraulic workovers are becoming more common as they provide efficient solutions without the need for heavy infrastructure.
However, the market is not without its challenges. Strict regulatory frameworks and high investment costs for advanced offshore technologies can slow down project timelines. In addition, the global push towards cleaner energy and net zero targets is placing pressure on traditional oilfield operations. Despite this, many companies in the region are adapting by investing in lower emission technologies and more sustainable intervention practices.
Opportunities remain strong, particularly in offshore developments and underexplored reserves. The integration of AI and remote monitoring systems is expected to play a key role in shaping the future of well intervention across the Middle East. In an example cited by the Maximise Market Research report, Aramco expanded its unconventional gas programme by integrating new AI-driven well intervention and drilling services. The initiative accelerates production cycles in complex shale reservoirs, boosting regional service demand. As companies continue to balance efficiency with environmental responsibility, the market is set to evolve into a more technologically advanced and sustainable sector.
Baker Hughes will supply critical gas compression, power generation equipment, and project development support to ST LNG’s proposed LNG export terminal offshore Texas.
As part of the agreement Baker Hughes will provide two LM6000PF gas turbine-driven centrifugal compressor trains and three NovaLT16 gas turbine generator packages to secure the necessary production capacity for the first phase of the project.
The project is expected to deliver 2.1 million tonnes per annum (MTPA) as part of a planned four-phase development which will provide 8.4MTPA once complete.
ST LNG CEO, Sharad Tak, said, “As we advance toward completion of the project’s first phase, selecting proven technology from a reliable partner with deep domain expertise is essential. Baker Hughes’ extensive experience across LNG projects, including complex offshore environments, provides confidence that the ST LNG facility will achieve first LNG in the second quarter of 2030. Their ability to deliver a comprehensive equipment solution, combined with their commitment to supporting project development, is a key enabler in advancing our deepwater LNG port.”
Baker Hughes’ Chairman and CEO, Lorenzo Simonelli, commented, “Our LNG solutions portfolio is designed to support a wide range of operational requirements, from large-scale onshore facilities to specialized offshore applications such as ST LNG’s. We look forward to working closely with ST LNG to deliver reliable, efficient and lower-carbon solutions.”
Saudi Arabia’s largest drilling contractor, ADES Holding, has temporarily suspended operations on a handful of its offshore rigs in the GCC region due to ongoing tensions.
The company described the suspensions as short-term and stated that it is working closely with clients to monitor the situation while prioritising the safety of personnel and assets.
ADES, which operates 123 rigs across 20 countries, remains confident in its outlook. It forecasts core earnings for 2026 to rise by as much as 44%, supported by its geographic diversification and synergies from the recent Shelf Drilling acquisition.
All its Saudi platforms serve Saudi Aramco as the client.
Borr Drilling also reported suspensions. Three of its jack-up rigs in Qatar and the United Arab Emirates were down-manned as a precautionary measure requested by customers following hostilities in the Arabian Gulf.
A fourth rig, Arabia III in Saudi Arabia, was affected by an incident on a customer-operated platform on 7 March 2026, leading to a safe shutdown and evacuation of personnel with no injuries reported. The rigs remain under contract.
Major national oil companies have implemented significant production adjustments.
Saudi Aramco has shut in or substantially reduced output from key offshore fields, including the supergiant Safaniya (the world’s largest offshore oil field) and Zuluf, contributing to an overall reduction in Saudi oil production.
Production has been rerouted via the Red Sea port of Yanbu amid disruptions in the Strait of Hormuz.
In the UAE, ADNOC has made temporary adjustments to output, with impacts reported on both onshore and offshore facilities.
Qatar has halted liquefied natural gas production, including at the Ras Laffan complex, following strikes that caused extensive damage and fires.
QatarEnergy has warned of potential delays to the North Field expansion project.
The broader regional conflict has led to the closure of key shipping routes and prompted precautionary measures across the GCC energy sector.
While direct attacks on offshore platforms have so far been limited, the situation has disrupted drilling activities and hydrocarbon flows.
Industry players continue to stress that the rig suspensions are expected to be brief once conditions stabilise.
Eni has announced two new gas discoveries offshore Libya following an exploration campaign carried out in recent months.
The finds are located within two nearby geological structures, Bahr Essalam South 2 (BESS 2) and Bahr Essalam South 3 (BESS 3). These were confirmed through drilling activities at the B2-16/4 and C1-16/4 wells, positioned around 85 km offshore in water depths of approximately 650 feet and about 16 km south of the Bahr Essalam gas field.
Both wells intersected gas bearing zones within the Metlaoui Formation, which is recognised as the primary producing reservoir in the region. Analysis of the data suggests a high quality reservoir, with strong productivity already verified through testing conducted on the first well.
Initial estimates indicate that the combined gas resources of the BESS 2 and BESS 3 structures exceed 1 trillion cubic feet (Tcf). Their close location to the Bahr Essalam field, Libya’s largest offshore gas field, operational since 2005, means development can be fast tracked by linking the discoveries to existing offshore infrastructure. The extracted gas is expected to serve both domestic demand in Libya and exports to Italy.
Eni has maintained a long standing presence in Libya since 1959 and remains the country’s leading international energy operator. In 2025, the company reported equity production of approximately 162,000 barrels of oil equivalent per day and is currently advancing three development projects, with two scheduled to come online in 2026.
IMI has secured a contract to deliver specialist control valves for an offshore development in the North Sea, supporting ultra-high-pressure injection systems.
The valves will operate in demanding environments where pressures exceed 600 bar (8,700 psi), enabling chemical injection processes that help maintain flow and optimise production from deepwater wells.
As part of the scope, IMI will supply its EroSolve Metamorphic Trim valve range, designed for precise pressure regulation under severe service conditions. The technology is capable of handling full pressure drops from more than 620 bar to near vacuum levels while maintaining stable low-flow control, a requirement for safe offshore operations.
The valves feature a multi-stage pressure reduction system, allowing energy to be dissipated in a controlled manner across the trim. This design helps to minimise wear on internal components and extend operational life in high-stress environments.
The award follows the successful completion of an extensive endurance testing programme, during which both balanced and unbalanced valve configurations were tested under conditions replicating long-term field operations.
Roby Buyung, President for Process Automation at IMI, said offshore developments are increasingly moving into deeper and higher-pressure fields, placing greater demands on equipment performance. He noted that the project required highly specialised valve technology capable of delivering consistent and accurate pressure control in challenging conditions.
Buyung added that IMI’s valve solutions are engineered specifically for critical applications, where reliability and repeatable performance are essential to maintaining safety and operational efficiency.
The contract forms part of a broader offshore development programme, with delivery progressing in line with the project schedule.
As part of phase three drilling programme offshore Gabon, Vaalco Energy has completed drilling the Etame West ET-14P exploration well.
The target zone was water bearing even though 10 meters of high-quality Gamba sands were encountered in line with pre-drill predictions. Awaiting partner approval, this finding can be further pursued by utilising the well bore part to sidetrack it in the upper portion of the well. This move is expected to support the drilling of the ET-14H development well in the Main Fault Block of Etame.
The lower portion of the well will be plugged and abandoned. Operations are expected to be completed in April.
George Maxwell, Vaalco’s chief Executive Officer, said, “When we committed to drilling the Etame West exploration well, we knew there was the geologic risk of not encountering commercial sands but the size of the potential reservoir made it a risk worth taking. Furthermore, we purposely designed the well so we could still utilise the well bore to drill a development well into a known productive area if the sands were non-commercial. This side-tracked well should be completed in April.”
Vaalco has also been spudding the ET-15 infill well on the Etame platform as part of Phase Three Drilling Programme offshore Gabon.
This infill well is anticipated to significantly add to the production generation capacity of the floating storage and offloading vessel (FSO) that is operational on the Etame Block since 2022 following an extensive transition and field reconfiguration process. While a low cost solution, the FSO boasts of a high storage capacity and improved operational performance. It has helped Vaalco reach operational excellence, and production uptime and enhancement.
The USA’s Department of the Interior is proposing updates to reduce costly regulations on the offshore oil and gas industry, which would effectively reduce the amounts companies need to set aside for future decommissioning.
The proposal follows President Trump's Executive Order 14154 "Unleashing American Energy" which aims to exploit the full potential of the USA's energy resources by getting rid of "burdensome" regulations. It would rescind requirements from a 2024 rule that forced companies to set aside around US$6.9bn in supplemental financial assurance to cover potential costs of decommissioning activities. Around US$6bn of that would have fallen on small businesses, which make up most of the operators on the Outer Continental Shelf. At the time, the rule was challenged by the Republican-led states of Louisiana, Mississippi and Texas and oil and gas industry groups, who argued that it would result in "potentially existential consequences" for small and medium-sized companies.
The change is expected to save industry around US$484mn each year in compliance costs.
“For too long, Washington red tape has strangled American energy producers and held back small businesses,” said Interior Secretary Doug Burgum. “President Trump is delivering on his promise to put American workers first, cut burdensome regulations and unleash our vast energy potential. These updates will free up billions of dollars for exploration and development, create good-paying jobs and unlock domestic energy production so we are never forced to rely on foreign adversaries for the resources that power our economy.”
The proposal would modernise how the Bureau for Ocean Energy Management (BOEM) evaluates financial risks and lower the amounts companies must set aside for future decommissioning. By using updated risk metrics and data from the Bureau of Safety and Environmental Enforcement, BOEM would ensure taxpayer protections remain in place while allowing companies to invest more capital in new projects.
The proposal maintains strong accountability for lessees and grant holders under the Outer Continental Shelf Lands Act, but reduces excessive financial barriers that have slowed growth, according to the BOEM.
The proposed changes will be published in the Federal Register with a 60-day public comment period.
Promethean Energy, Enovate AI and POOLE Oil & Gas Services have announced a strategic partnership to advance responsible offshore platform decommissioning, artificial intelligence applied from reservoir to the wellhead, and advanced production and process flow optimisation work
They are working to devise a new model that combines Artificial Intelligence, reservoir analytics, and Carbon Capture & Sequestration to push the boundaries of just platform removal to repurposing it. The partners are looking at this strategically in terms of tackling decommissioning liabilities as it will potentially extend value, reduce costs and improve operational efficiency across the Gulf of America.
The region is anticipated to become one of the largest carbon storage hubs on the planet as it is currently one of the biggest industrial carbon emittors in the world, thanks to its innumerable refineries, petrochemical plants, LNG facilities, power generation facilities and offshore depleted reservoirs. This makes way for a largely untapped storage potential for captured CO2.
When it comes to abandoned reservoirs, repurposing to a CO2 injection and monitoring facility instead of decommissioning promotes sustainability while saving costs significantly. Existing assets that can be converted includes platform structures, subsea pipeline systems, monitoring and instrumentation systems, while wellbores can be transformed to injection wells.
The Gulf of America is especially well suited to adopt the CCS transition as it is already looking towards a vast network of offshore infrastructure and established pipeline corridors.
ACCIONA has expanded its marine fleet with the addition of Australia’s largest registered jack-up barge, supporting the delivery of critical water infrastructure projects in Western Australia.
The vessel, named Beverley, measures 59.6 metres by 32 metres and is comparable in size to one and a half Olympic swimming pools or slightly more than four basketball courts. It operates on 78-metre legs that lift the platform above the ocean surface, creating a stable and elevated work environment. Designed for strong sea-state performance, the barge features a deck load capacity of 8 tonnes per square metre, helping to minimise the impact of swell, tides and currents. It is equipped with a 400-tonne crane, a helideck and accommodation for up to 50 workers, along with onboard kitchen, dining facilities, office spaces and a medical room to support continuous offshore operations.
The acquisition and commissioning of Beverley mark a significant strategic investment, enhancing ACCIONA’s capacity to execute complex marine infrastructure projects. The addition strengthens the company’s end-to-end capabilities, enabling more efficient and effective project delivery while ensuring access to advanced assets tailored to demanding offshore environments.
ACCIONA CEO for Australia and New Zealand Bede Noonan said Beverley will play a crucial role in the delivery of local projects and future marine works across the region and also carries personal significance for the Noonan family.
“Beverley is a game-changer for marine construction in Australia. Securing the largest registered jack-up barge in Australia supports our ability to deliver some of the most technically challenging, offshore infrastructure projects, at a time when sustainable water infrastructure solutions are more crucial than ever,” Mr Noonan said.
“Currently Beverley is central to the complex construction of the offshore intake structure for desalination projects and will help shape sustainable infrastructure projects for years to come.
“In keeping with maritime tradition, Andre [ACCIONA Chief Operating officer] and I have named the vessel after our mother, Beverley. It’s a tribute that reflects both our family’s connection to the industry and the long-standing custom of naming ships after women. It’s a proud moment for us and our family business.”
The introduction of Beverley highlights ACCIONA’s continued focus on innovation, capability development and the delivery of sustainable infrastructure across Australia and New Zealand.
Halliburton has successfully completed a series of offshore wireline operations for Croatia’s INA Group in the Adriatic Sea, demonstrating both technical strength and operational efficiency.
The project involved logging activities across four wells, where the Wireline team carried out 17 combined runs without any health, safety, or environmental incidents, while also maintaining zero non productive time.
Over the course of more than 272 hours of continuous operations, the team ensured that all personnel and equipment were securely managed on site. By keeping closely aligned with INA’s project schedule, Halliburton delivered the work within the agreed timeline, allowing the client to assess well performance and make informed operational decisions in real time.
A key element of the project was the development of an integrated workflow that combined measurement and analysis. This approach played an important role in identifying promising production opportunities as well as uncovering new hydrocarbon zones offshore Croatia. The team worked closely with INA’s subsurface specialists, offering real time support through formation testing and detailed petrophysical interpretation.
To better understand thin geological layers, Halliburton deployed its Xtended range water based mud imager. This technology enabled accurate identification of sandstone intervals and helped determine net pay zones. In addition, enhanced vertical resolution techniques were used to capture density and neutron porosity data, improving the analysis of shaly sand formations and refining estimates of porosity and gas saturation.
Further insights were gained through the use of the Reservoir Description Tool, which measured fluid density, capacitance, and resistivity during pump out operations. These measurements confirmed the presence of productive gas zones. The team also applied magnetic resonance technology to distinguish between moveable and bound hydrocarbons, providing a clearer picture of reservoir potential.
Through a combination of innovation, precision, and collaboration, Halliburton delivered a seamless operation that supported INA in unlocking valuable subsurface insights.
Malaysian offshore vessel owner Keyfield International has had quite a busy period, landing chartering agreements for eight offshore support vessels spread across three regions including Malaysia, the Middle East and Thailand.
The Bursa Malaysia filing confirmed that seven of the eight vessels are accommodation workboats, with the remaining one being an anchor handling tug and supply vessel. The bulk of the work sits closer to home, with five of the accommodation workboat contracts tied to an oil and gas operator in Malaysian waters. The remaining two accommodation workboat deals cover one contract each in the Middle East and Thailand, while the anchor handling tug and supply vessel heads to the Middle East under its own separate agreement.
Contract lengths vary quite a bit across the eight deals. The shortest runs just two months firm with a one month extension option, whereas the longest stretches to a full year with another year available on top. Seven of the eight contracts are set to kick off within the first half of 2026, and the final one is lined up to begin in early 2027.
Altogether, the contracts carry a combined value of around US$41.3mn. Should all extension options be exercised, that figure grows by approximately US$21.4mn.
Keyfield has said it expects the deals to reflect positively on earnings and net assets across the financial years ending December 2026 and 2027.
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