KUALA LUMPUR: Sapura Energy Bhd has been awarded 10 new contracts for its engineering and construction and drilling segments, valued at around RM1 billion.
The new contract wins, secured across Malaysia, Thailand, Taiwan and Australia, include Sapura Energy’s first offshore wind farm contract.
The oil and gas firm has also been selected for a frame agreement with Petroliam Nasional Bhd (Petronas) for fixed offshore structure works.
“In line with its growth strategy, Sapura Energy has continued to establish a stronger presence in existing core markets, enter new markets and expand its scope of services,” it said in a statement.
Its growing order book was expected to increase asset utilisation and contribute to improving the group’s financial performance, it added.
Its subsidiary, Sapura Fabrication Sdn Bhd secured a six-year frame agreement to provide engineering, procurement and construction of fixed offshore structure works.
The agreement consists of two packages, namely for fixed offshore structures of weight exceeding 7,500 metric tonnes (MT) and fixed offshore structures of weight not exceeding or equal to 7,500 MT.
On its first offshore wind farm contract, Sapura Offshore Sdn Bhd been awarded a contract by Yunneng Wind Power Co Ltd to provide transportation and installation of offshore wind turbine substructures.
Other works include mobilising three drilling rigs in Malaysia and Thailand as well as as delivering a range of engineering and construction services and solutions.
Meanwhile, Sapura Energy’s revenue grew 93 per cent to RM1.6 billion in the first quarter of its financial year 2020, compared to RM845 million a year ago.
It posted a lower net loss of RM109 million, compared with RM135.7 million previously.
With the completion of the corporate exercises, the group benefitted from savings in finance cost following the repayment of borrowings of RM7.2 billion, it said.
Its net debt-to-equity stood at 0.66 times compared to a high of 1.73 times as at the end of October 2018.