KUALA LUMPUR: SapuraKencana Petroleum Bhd won five contracts totalling US$300 million (RM1.34 billion) to provide underwater services, offshore installation work and rigs.
In its filing to Bursa Malaysia yesterday, SapuraKencana said its unit, SapuraKencana Subsea Services Sdn Bhd, was awarded a two-year contract to provide underwater services for Petronas Carigali Sdn Bhd.
The second contract involved SapuraKencana GeoSciences Sdn Bhd, which will provide soil investigation services for one year in the Peninsular Malaysia and Sarawak/Sabah operation areas.
The third contract is for Sapura-
Kencana TL Offshore Sdn Bhd to provide Hyundai Heavy Industries with offshore installation work of BNCPP-B jacket, foundation piles and bridge structure between BNCPP-B to BNG-B.
The contract would be in Sarawak and Sabah, and work was expected to start in the current quarter.
As for the fourth job, SapuraKencana TL Offshore was awarded a 12-month contract by Repsol Oil and Gas Malaysia Ltd to provide transportation and installation of pipeline and topside for the Bunga Pakma development project.
Under the fifth contract, Sapura-
Kencana Drilling has been hired by Brunei Shell Petroleum Sdn Bhd to provide tender assist drilling rig SKD Alliance. The contract is scheduled to start in April next year for five years, with the option to extend for another five years.
Yesterday, SapuraKencana shares eased one sen to close at RM1.74.
AmInvestment Bank analyst Alex Goh said he is positive on Sapura-
Kencana and raised its target price to RM2.07 from RM1.80.
“We maintain a ‘buy’ call on SapuraKencana. It is good to see jobs flowing in.
“While we still have concerns for further impairments to SapuraKencana’s assets, the risks appear to be diminishing,” he added.