KUALA LUMPUR (Aug 18): SapuraKencana Petroleum Bhd has delivered its sixth and final pipelay vessel to Petróleo Brasileiro SA (Petrobras) and the 550-tonne vessel commenced work in Brazil on Aug 14.

Sapura Rubi joins five other fully integrated pipelay vessels that were delivered in stages and are all now working in Brazil's deepwater fields.

"The commencement of work for Sapura Rubi marks the completion of our building programme of six pipelay vessels to our customer, Petrobras, to operate in the ultra-deepwater regions in Brazil. All vessels are now in operation, on time and on budget, highlighting our continued commitment to operate efficiently and effectively," said its president and group chief executive officer Tan Sri Shahril Shamsuddin in a statement today.

SapuraKencana's offshore operations in Brazil for Petrobras are being executed there by its Brazilian joint venture company Sapura Navegacao Maritima (SNM), a 50:50 venture with offshore drilling company Seadrill Ltd.

In November 2011 and in June 2013, SNM was awarded two long-term major contracts by Petrobras worth a total of US$4.1 billion (RM16.38 billion) to build and operate a total of six pipelay vessels for offshore deepwater flexible pipelay work in Brazil over a period of up to eight years with an extension option of up to another eight years.

Shares in SapuraKencana closed up two sen or 1.28% at RM1.58 today, for a market value of RM9.47 billion.