This article first appeared in The Edge Financial Daily on November 22, 2018
KUALA LUMPUR: Sapura Energy Bhd’s units have secured several contracts in Malaysia and Mexico with a combined value of about RM1.75 billion.
In Malaysia, Sapura Energy said Sapura Subsea Services Sdn Bhd had been awarded a five-year contract for the provision of pan-Malaysian underwater services for petroleum arrangement contractors (PACs).
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, according to its stock exchange filing yesterday.
Sapura Energy said the scope of work comprises underwater services like the utilisation of vessels, air and saturation diving, and remotely operated vehicles. The works are expected to be completed by the third quarter of 2023.
Meanwhile, its Mexican unit has won a contract from Hokchi Energy SA de CV to undertake engineering, procurement, construction, transportation and installation works on the Hokchi Field Development in the Gulf of Mexico.
The contract’s work scope 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 a 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.
Its unit in Mexico has also been awarded a contract from Eni Mexico S de RL de CV to undertake engineering, procurement, construction, transportation and installation works in Offshore Block Area 1 in the Gulf of Mexico 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 periods thereafter within the duration of the contracts.