Sapura Energy bags three contracts worth RM1.75b

PETALING JAYA: Sapura Energy Bhd ’s wholly owned subsidiaries in Mexico and Malaysia have bagged three contracts, which collectively amount to RM1.75 billion.

The group told the stock exchange, the first contract is for the provision of offshore engineering, procurement, construction, transportation and installation (EPCTI) for Hokchi Field Development in the Gulf of Mexico.

Works is expected to be completed by the end of the first quarter of 2020.

The second job which is for the provision of EPCTI services for Offshore Block Area 1, also in the Gulf of Mexico, is from ENI Mexico S. de. R.L de. C.V.

The works are expected to be completed by end of the second quarter of 2019.

Meanwhile, its local arm Sapura Subsea Services Sdn Bhd, has been awarded the Pan Malaysia Underwater Services contract for four Petroleum Arrangement Contractors (PACs) (Package C).

The PAC’s are Sarawak Shell Bhd/ Sabah Shell Petroleum Company Limited, Murphy Sarawak Oil Co Ltd/Murphy Sabah Oil Co Ltd, Repsol Oil & Gas Malaysia Limited, and Kebabangan Petroleum Operating Company Sdn Bhd.

The scope of work includes the utilisation of vessels, air and saturation diving, and remotely operated vehicles.

The contract is slated to go on for five years and the works will be performed on call-out basis. Hence, the value of the contract will be dependent on each work order throughout the contract period.

The job is expected to be completed by the third quarter of 2023.

The stock was up 1.5 sen to close at 37.5 sen with some 87.4 million shares changing hands.