Sapura Energy rises in early trade

Sapura Energy rises in early trade
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KUALA LUMPUR (July 22): Sapura Energy Bhd’s shares rose in the early trade after the company announced that it had secured seven contract wins and extensions in Malaysia and Thailand with a combined value of RM1.2 billion. 

As at 10.18am, Sapura Energy inched up half-a-sen to 13 sen, with 10.13 million shares changing hands. 

In a filing with Bursa Malaysia yesterday, the integrated oil and gas services company said the contracts were for its engineering and construction, operations and maintenance and drilling segments; bringing a fresh order book assumption of RM6 billion for its financial year ending Jan 31, 2022 (FY22).

In a research note today, AmInvestment Bank estimated that the group’s outstanding order book could increase by 10% to RM13 billion, which may rise further from the group’s bids of RM53 billion currently.  

The investment bank added that Sapura Energy is also looking for prospective projects worth up to RM93 billion.

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Sapura Energy wins seven contracts worth RM1.2b in Malaysia, Thailand