Sapura Energy bags contracts worth RM815mil

President and group chief executive officer Tan Sri Shahril Shamsuddin said the company aims to return to the black when the utilisation of its drilling and E&C business crosses the 70% mark.

KUALA LUMPUR: Sapura Energy Bhd has secured three new contracts and a contract extension valued at approximately RM815mil in Australia, Brunei, Malaysia and Nigeria, bringing the group's total value in contract wins in the current financial year to-date to RM5.3bil.

President and Group Chief Executive Officer Tan Sri Shahril Shamsuddin said sustained high oil prices had encouraged recovery in investments, which is driving increased activities.

"One of the key areas we are seeing an increase in demand is brownfield maintenance and rejuvenation, where Sapura Energy has established its track record among other upstream services,” he said in a statement today. 

Making an entry into Nigeria for its engineering and construction segment, Shahril said the group aimed to build a sustainable presence as well as create a strong service and product supply chain in the country by developing local talent for its future business in Africa.  “Expanding our footprint in Africa will open up the market for both exploration and production as well as services," he added.  - Bernama