Sapura Energy wins RM1.75bil new jobs in Malaysia and Mexico

Kenanga Research said while the outlook is expected to improve from financial year 2020 (FY20) onwards, it has maintained its

PETALING JAYA: Sapura Energy Bhd has secured new contracts worth RM1.75bil for jobs based in Malaysia and Mexico, lifting its order book to RM18bil.

The new contracts also bring the integrated oil and gas services and solutions provider’s total contract wins for the current financial year-to-date to RM7bil.

“In line with the company’s pursuit of growth and strategy to capitalise on the industry upturn, the new contracts reflect Sapura Energy’s continued success in deepening its penetration into existing core markets and expanding into new markets.

“The company has established a global infrastructure that would enable it to manage and execute work around the world,” it said.

The group’s unit in Mexico was awarded a contract for the provision of offshore engineering, procurement, construction, transportation and installation (EPCTI) for the Hokchi Field Development in the Gulf of Mexico.

For this contract, the scope of work would include fabrication and installation of a central wellhead platform and a satellite platform that would be connected to Hokchi Paraiso, an onshore processing facility, it said.

The works were expected to be completed by the end of the first quarter of 2020.

The second contract in Mexico, awarded to its unit by Eni Mexico S de RL de CV, was to undertake EPCTI in Offshore Block Area 1 in the Gulf of Mexico.

“The scope will involve fibre optic cabling, and transportation and installation of the Mizton wellhead platform at water depths of 40m,” the group said.

The works are expected to be completed by the end of the second quarter of 2019.

In Malaysia, the group bagged a five-year contract for the provision of Pan Malaysia Underwater Services, awarded under the Petroleum Arrangement Contractors (PAC).

It said the contract would be undertaken by Sapura Energy’s unit, Sapura Subsea Services Sdn Bhd (Sapura Subsea).

The PAC consists of Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd, Murphy Sarawak Oil Co Ltd and Murphy Sabah Oil Co Ltd, Repsol Oil & Gas Malaysia Ltd and Kebabangan Petroleum Operating Company Sdn Bhd.

“Sapura Subsea will undertake underwater services which include the utilisation of its vessels, air and saturation diving, and remotely operated vehicles.

“The scope will also cover inspection, maintenance and repair works to support the PAC’s underwater facilities located offshore in the east coast Malaysia,” it said.

In its filing with the stock exchange, the group said the contracts were expected to contribute positively towards the group’s earnings for the financial year ending Jan 31, 2019, and for the financial periods thereafter, within the duration of the contracts.

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