Friday 29 Mar 2024
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KUALA LUMPUR (March 21): Sapura Energy Bhd has clinched an engineering, procurement, construction, installation and commissioning (EPCIC) contract for the Pegaga Development Project from Mubadala Petroleum (MDC Oil & Gas (SK 320) Ltd).

The contract is for EPCIC works at the offshore integrated central gas processing platform (ICPP) facility in Block SK320, offshore waters of Sarawak, Malaysia, said Sapura Energy in a filing with Bursa Malaysia today.

"The work is expected to be completed by the third quarter of 2021, and would contribute positively towards the group's earnings for the financial year ending Jan 31, 2019 and the financial periods within the duration of the contract. It will not have any effect on the issued capital of the company," it said.

The risk factors affecting the contract include execution risks such as availability of skilled manpower and materials, changes in pricing, weather conditions and/or political, economic and regulatory conditions.

"Notwithstanding that, the company has established a successful track record undertaking similar projects," Sapura Energy added.

At 12.30pm, the stock rose 1.5 sen or 3.09% to 50 sen with 41.32 million shares done for a market capitalisation of RM2.99 billion. In a year, the counter has slumped 73.28%.

 

 

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