Sapura Energy active, up 3.51% on landing new contracts

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KUALA LUMPUR (Jan 8): Sapura Energy Bhd rose 3.51% in active trade this morning after it was awarded four new contracts and one extension with a combined value of RM760 million.

At 9.37m, Sapura Energy rose 1 sen to 29.5 sen with 32.80 million shares traded.

The jobs involve three drilling contracts and two contracts for the engineering and construction segment, in Malaysia and Angola, but a breakdown of the value of each contract is not known.

The contracts — awarded by Chevron Corp, Sarawak Shell Bhd/Sabah Shell Petroleum Company Ltd, Petronas, and Hess Exploration and Production Malaysia BV — are expected to contribute positively towards Sapura Energy’s earnings for the financial year ending Jan 31, 2019.