Vantris Energy Bhd, an oil and gas service provider, has secured two offshore transportation and installation (T&I) contracts valued at approximately RM1.8 billion, reinforcing its strategic focus on T&I work within its engineering and construction (E&C) business. The contracts, awarded by PETRONAS Carigali Sdn Bhd and a joint venture between PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd, are set to commence in the third quarter of 2026 and continue through the fourth quarter of 2027.
The first contract involves T&I services for offshore facilities under the SK316 NC3/NC8 Trunkline 7 FAC project, while the second relates to PTTEP development projects. Both awards fall under existing agreements, positioning Vantris to leverage its specialised offshore vessels and operational expertise in T&I activities.
Analysts at BIMB Research have highlighted these contract wins as positive developments that align with Vantris’s repositioning strategy aimed at reducing engineering and procurement risks that come with full engineering, procurement, construction, installation, and commissioning (EPCIC) contracts. The contracts represent Vantris’s second significant order win in the financial year ending January 31, 2027 (FY27), boosting the company's year-to-date order book replenishment to RM2.6 billion—surpassing the RM1.4 billion secured in FY26.
This uplift is expected to strengthen Vantris’s outstanding order book to around RM8.5 billion, improving near-term earnings visibility. In response, BIMB Research has revised upward its earnings forecasts, increasing FY27 and FY28 net profit estimates by 9% and 28% to RM283 million and RM355 million, respectively.
Vantris is scheduled to release its second quarter results for FY27 shortly. BIMB Research anticipates the company to report a net profit between RM70 million and RM80 million, a decline from the RM167 million recorded in the first quarter. The earlier quarter included one-time gains from insurance claims and foreign exchange, totaling roughly RM90 million, which are not expected to recur. However, stronger performance from the operations and maintenance segment during this period is anticipated to partially offset these factors.
Despite Vantris’s improved financial position and order book growth, the company's shares remain undervalued in the market, trading at around 34 sen—close to its dilution-adjusted pre-PN17 level of approximately 32 sen. BIMB Research views this valuation gap as unjustified and maintains a “buy” recommendation on the stock with an unchanged target price of 72 sen.