INTRODUCTION

Sapura Energy is pleased to announce that its wholly owned subsidiary, Sapura Fabrication Sdn Bhd, has been awarded with a contract for the Provision of Pan Malaysia Offshore Maintenance, Construction, Modification and Hook-Up & Commissioning ("HUC") Services for Package C2 (Sarawak Asset (SKA) – Oil) (“the Contract”) by PETRONAS Carigali Sdn Bhd.

SALIENT CONTRACT TERMS

1.     Tenure of Contract

        The Contract was awarded in Quarter 3 of 2024 for a period of 5 years from the effective date of the Contract.

2.     Value of Contract

        The Contract is a call-out contract with agreed unit rates.

3.     Scope of Work

        The scope of work is for the provision of manpower, tools, equipment, materials, consumables and other related services necessary for all work related to HUC Brownfield and                Greenfield including project management services, supervision and construction personnel, onshore prefabrication and installation, engineering management, procurement,                    offshore fabrication, installation and commissioning and provision of third-party services.

FINANCIAL EFFECTS

The Contract will not have any effect on the share capital and shareholding structure of Sapura Energy. The Contract, however, is expected to contribute positively to the earnings of Sapura Energy Group for the financial year ending 31 January 2025 and the subsequent years.

RISK FACTORS

The risk factors affecting the Contract include changes in economic and regulatory environment and operational risks such as completion risk and skilled resources, which Sapura Energy Group would take appropriate measures to minimise and mitigate such risks.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

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

DIRECTORS’ STATEMENT

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

This announcement is dated 20 November 2024.