Bursa Announcements
Date : 11 May 2015

OTHERS SAPURAKENCANA PETROLEUM BERHAD - AWARD OF CONTRACTS

SAPURAKENCANA PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
SAPURAKENCANA PETROLEUM BERHAD
- AWARD OF CONTRACTS

INTRODUCTION

The Board of Directors of SapuraKencana Petroleum Berhad (“SapuraKencana” or “Company”) (“Board”) is pleased to announce that its wholly-owned subsidiary companies within the Engineering and Construction – International Division have been awarded contracts with a combined value of up to USD269 million (approximately RM969 million, based on USD/MYR exchange rate of 3.60) in the following countries:
 

MEXICO

SapuraKencana Mexicana S.A.P.I. de C.V. has been awarded with the installation of structures and superstructures of fixed marine platforms, pipelaying and lifting of major power generation equipment, utilising the DP3 heavy-lift and pipelay vessel SapuraKencana 3500, in the Marine Regions, Bay of Campeche, Gulf of Mexico by Pemex Exploración y Producción.

This award marks the initiation of SapuraKencana’s local operations in Mexico.
 
The value of the award is between USD41.2 million and USD98.1 million.  

INDONESIA

SapuraKencana TL Offshore Sdn Bhd (formerly known as TL Offshore Sdn Bhd)(“SKTLO”) in consortium with PT Encona Inti Industri of Indonesia,  (TL Offshore – Encona Consortium) (“Consortium”) has been awarded with the contract for the Work of Offshore and Onshore Pipeline Installation In Respect of the Construction of Kalija 1 Natural Gas Transmission Pipeline of Kepodang – Tambak Lorok Segment (Pekerjaan Pemasangan Pipa Offshore Dan Onshore Sehubungan Dengan Pembangunan Jaringan Pipa Transmisi Gas Bumi Kalija 1 Ruas Kepodang – Tambak Lorok) by PT PGAS Solution.

The award comprises scope of work for the transportation and installation of 14” x 200km of gas pipeline from Kepodang field offshore to Onshore Receiving Facility. The work will be performed in the Muriah PSC, Central Java, Indonesia.

The total value of the award to the Consortium is a lump sum fee of USD97.5 million.

VIETNAM and INDIA

1. SKTLO has been awarded a contract for the provision of services for the Installation of Nearshore and Offshore Pipeline for Thai Binh - Ham Rong Gas Distribution & Gathering System Project, Phase 1 located in Block 102-106, Offshore Thai Binh Province, North of Vietnam by PTSC Offshore Services Joint Stock Company. 

2. SKTLO has been awarded a contract for the provision of services for the Installation of the H5-WHP Topside and Pipelines for Te Giac Trang Field Development Project located in Block 16-1, offshore Vietnam S.R. by PTSC Offshore Services Joint Stock Company.

3. SKTLO has been awarded a contract for the provision of services for the installation of Offshore Facilities for Thai Binh Development Project Blocks 102 & 106, Offshore Vietnam by PTSC Offshore Services Joint Stock Company.

4. SKTLO has been awarded a contract for the provision of transport and installation services for the PB Gas Lift Riser Replacement project at Panna Offshore Field, located    approximately 95 kilometres offshore north-west of Mumbai, India by BG Exploration and Production India Limited.

The total value of the awards in Vietnam and India is USD73.5 million.

RISK FACTORS

Risk factors affecting the Work are mainly operational in nature and includes changes in economic and regulatory conditions. Throughout the years SapuraKencana Group has the experience and track record to undertake such Work. Notwithstanding this, SapuraKencana shall ensure strict compliance to the safety and operational procedures in the execution of the Work required. 

FINANCIAL EFFECTS

The Award will have no effect in the issued paid-up capital of the Company and is expected to contribute positively towards the earnings and net assets per share of SapuraKencana Group for the financial year ending 31 January 2016. 

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Award.

DIRECTORS' STATEMENT

The Board of Directors of the Company is of the opinion that the acceptance of the Award is in the best interest of the Company.

This announcement is dated 11 May 2015.






Announcement Info

Company Name SAPURAKENCANA PETROLEUM BERHAD
Stock Name SKPETRO
Date Announced 11 May 2015
Category General Announcement for PLC
Reference Number GA1-06052015-00071


Back