Kenanga Research said while the outlook is expected to improve from financial year 2020 (FY20) onwards, it has maintained its
KUALA LUMPUR: Sapura Energy Bhd
has secured five new contracts worth a combined sum of about RM1.3bil for its engineering and construction and drilling segments.
"The contract wins demonstrate Sapura Energy’s continued pursuit to deepen its presence in existing core markets, break into new markets and expand its scope of services.
"The growing orderbook is expected to increase asset utilisation for the Group and contribute to improving its financial performance," it said in a statement today.
Marking its foray into Egypt, the group's unit Sapura Offshore Sdn Bhd received a subcontract from Pan Marine Petroleum Services Company for the installation of six new subsea pipelines in the Gulf of Suez.
Sapura Offshore also secured a contract from ENI East Sepinggan Ltd for
the construction and installation of two offshore rigid pipelines from the Jangkrik facility to a future manifold near Merakes drilling centres.
Meanwhile in the drilling segment, Sapura Drilling Asia Sdn Bhd secured two contracts for the provision of drilling rigs from ExxonMobil Exploration and Production Malaysia Inc and Petronas Carigali Sdn Bhd respectively.
Finally, another subsidiary, Total Marine Technology Pty Ltd, will be partaking in the Royal Australian Navy's Submarine Rescue Service contract.
It was chosen by Pheonix International (Australia) Pty Ltd to design and fabricate a remotely operated vehicle as well as the external propulsion and non-life support-related electrical and control system and the submarine rescue bell.
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