KUALA LUMPUR: Practice Note 17 company Sapura Energy Bhd's unit, Sapura Subsea Services Sdn. Bhd, has bagged a contract to provide Pan Malaysia underwater services from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Limited (SSPC).
The contract to provide the services to Petronas group of companies and petroleum arrangement contractors, takes effect for a period of five years from Jan 31, 2024.
In its filing with Bursa Malaysia, Sapura Energy said the contract is a call-out contract with agreed unit rates.
The scope of work includes provision of diving support vessel, air and saturation diving systems, remotely operated vehicle and other related underwater services and works related to SSB's and SSPC's underwater facilities in Sabah and Sarawak waters.
The contract is expected to contribute positively to the earnings for the financial year ending Jan 31, 2025 and the subsequent years.
Sapura Energy has until May 31, 2024 to submit its financial regularisation plan to the relevant regulatory authorities.
It was classified a PN17 company on May 31, 2022.
It last traded at 5 sen a share, giving it a market capitalisation of RM918.8 million.
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