KUALA LUMPUR (Dec 6): Sapura Energy holds a 48.33% stake by means of its wholly owned subsidiary Sapura Fabrication Sdn Bhd, has been granted an agreement esteemed at roughly RM3 billion by Oil and Natural Gas Corp (ONGC) in India.
Sapura Fabrication’s 48.33% shareholding converts into around RM1.47 billion in the contract an incentive for Sapura Energy, the group said an announcement today.
Other members from the consortium are Afcons Infrastructure Ltd, the development arm of Indian designing and development combination Shapoorji Pallonji Group.
Sapura Energy said the consortium will embrace Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) works for a CCP and Living Quarters for the KG-DWN 98/2 NELP square.
The NELP square, located offshore the Godavari Delta on the east shore of India, covers a territory of roughly 7,295 kilometers of the Krishna-Godavari bowl with water profundity extending between 300 meters to 3,200 meters.
The works are relied upon to be finished by January 2021.
Sapura Energy said the task is an opportunity for the group to take an interest in a key advancement for ONGC, utilizing on the organization’s set up deepwater learning and capacities.
At noon market break, Sapura Energy shares were up 0.5 sen (1.5%) to 34 sen.