Sapura Energy units secure contracts worth RM1.75b

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KUALA LUMPUR (Nov 21): Sapura Energy Bhd's units have secured several contracts in Malaysia and Mexico with a combined value of approximately RM1.75 billion.

In a filing with Bursa Malaysia this afternoon, Sapura Energy said that in Malaysia, Sapura Subsea Services Sdn Bhd has been awarded a five-year contract for the provision of pan-Malaysia underwater services for petroleum arrangement contractors (PACs).

It explained the PACs were Sarawak Shell Bhd/Sabah Shell Petroleum Company Ltd, Murphy Sarawak Oil Co Ltd/Murphy Sabah Oil Co Ltd, Repsol Oil & Gas Malaysia Ltd, and Kebabangan Petroleum Operating Company Sdn Bhd.

It said the scope of work consists of underwater services which includes the utilisation of vessels, air and saturation diving, remotely operated vehicles.

Sapura Energy said the works are expected to be completed by the third quarter of 2023.

Meanwhile, it said its Mexico unit has been awarded a contract from Hokchi Energy S.A. de C.V. to undertake engineering, procurement, construction, transportation and installation workds in the Hokchi Field Development in the Gulf of Mexico.

The contract scope of work comprises offshore engineering, procurement, transportation, installation, pre-commissioning and commissioning which include a central wellhead platform called the Hokchi Central Platform, with minimum offshore processing connected to minimal offshore wellhead platform called the Hokchi Satellite Platform, according to the filing.

Sapura Energy said the works are expected to be completed by the end of the first quarter of 2020.

Further, Sapura Energy said its unit in Mexico has been awarded a contract from ENI Mexico S. de. R.L de. C.V to undertake engineering, procurement, construction, transportation and installation works in Offshore Block Area 1 in the Gulf of Mexico.

It said the works are slated to be completed by the second quarter of 2019.

Sapura Energy said the contracts are expected to contribute positively to its earnings for the financial year ending Jan 31, 2019, and for contracts that extend beyond Jan 31, the financial period(s) thereafter within the duration of the contracts.

At 2.09pm, Sapura Energy was down 1.39% or 0.5 sen to 35.5 sen with 20.01 million shares done.