SAPURA ENERGY BAGS CONTRACTS WORTH RM760M

SAPURA ENERGY BAGS CONTRACTS WORTH RM760M

KUALA LUMPUR: Sapura Energy Bhd has been granted four new contracts and one augmentation with a joined estimation of RM760 million.

The jobs include three drilling contracts and two contracts for the engineering and construction (E&C) fragment, the group reported. Be that as it may, Sapura Energy did not give a breakdown of the estimation of each agreement.

In Angola, Sapura Energy Angola LDA was granted a two-year contract by a unit of Chevron Corp for the arrangement of a semi-submersible tender helped drilling rig. The agreement is relied upon to start in the second quarter of 2020 (2Q20) with two conceivable expansions of a half year each.

In Malaysia, Sapura Drilling Asia Sdn Bhd (SDASB) broadened its agreement with Sarawak Shell Bhd/Sabah Shell Petroleum Co Ltd for the provision of its semi-submersible tender helped to drill rig Sapura Esperanza, to be specific to drill three wells off Sarawak.

SDASB was additionally granted an agreement augmentation by Petronas for semi-submersible tender helped to drill rig Sapura Berani to drill two wells in Sabah.

All works by SDASB are required to be finished by 1Q20, said the group.
For the E&C fragment, Sapura Fabrication Sdn Bhd (SFSB) was granted an engineering, procurement, construction and commissioning (EPCC) contract by Petronas Floating LNG 1 (L) Ltd. The activity is to move and tie-in Petronas’ gliding melted petroleum gas vessel PFLNG1 from its present area at Kumang Cluster, off Sarawak, said Sapura Energy, with works expected to finish by 3Q20.

SFSB was additionally required by Hess Exploration and Production Malaysia BV to perform additional scope for offshore transportation and establishment under a current contract declared on Feb 5, 2018.

The additional scope — which is for the provision of EPCC + in addition to the establishment (EPCC+I) for FFD Phase 2 Facilities, North Malay Basin — is required to be finished by the 2Q20.

Shares of Sapura Energy lost a large portion of a sen to close at 28.5 sen, which is underneath its five-for-three rights issue cost of 30 sen for every share. The last date for the acknowledgment of the cash call is Jan 16.

Source:http://www.theedgemarkets.com/article/sapura-energy-bags-rm760m-worth-contracts

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