Sapura Energy Bhd and a consortium accomplice have received RM3bil engineering, procurement, construction, installation and commissioning (EPCIC) contract from India’s Oil and Natural Gas Corp.
Sapura Energy’s entirely claimed Sapura Fabrication Sdn Bhd is qualified for about RM1.47bil of the agreement esteem as it has a 48.3% stake in the organization with Afcons Infrastructure Ltd.
The consortium is presently embraced the EPCIC works at the central processing platform (CPP) and living quarters for the KG-DWN 98/2 NELP block.
“The block, located offshore the Godavari Delta on the east shore of India, covers a zone of roughly 7,295km of the Krishna-Godavari bowl with water profundity extending between 300m to 3,200m,” said the group in an announcement.
“The new contract wins upgrades the organization’s quality in the developing business sector and Sapura Energy is satisfied to proceed with its commitment to India’s oil and gas industry and in meeting the nation’s increasing energy demand.
“The task is an opportunity for Sapura Energy to take an interest in a key advancement for ONGC, utilizing on the organization’s set up deepwater information and abilities.”
Consortium accomplice Afcons is the development arm of Shapoorji Pallonji Group, India’s engineering and construction conglomerate.
Trading Sapura Energy shares have been stopped from 2.30pm to 3.30pm on Thursday. The counter finished the morning session up 0.5 sen at 34 sen a share on the back of 14.06 million shares traded.