Sapurakencana bags RM1.3b jobs

PETALING JAYA: SapuraKencana Petroleum Bhd, which on Tuesday bagged RM2.3 billion worth of jobs, has clinched another RM1.3 billion worth of contracts yesterday.

Its unit, Kencana HL Sdn Bhd was awarded two separate Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) contracts by Hess Exploration and Production Malaysia BV and Carigali-PTTEPI Operating Company Sdn Bhd.

The EPCIC for Hess Exploration is for three remote wellhead platforms in the North Malay Basin, done over 25 months and expected to be completed by the third quarter of 2016.

The second from Carigali-PTTEPI is for four wellhead platforms and associated subsea pipelines for JDA Block B-17 and B17-01 Field Phase 3 Development Project. The EPCIC contract will start in June 2014 and completed in Sept 2017.

"The contract will have no effect on the issued and paid-up capital of the company and is expected to contribute positively towards the earnings and net assets per share of SapuraKencna group during the contract period," it told Bursa Malaysia.

In a separate announcement, SapuraKencana said its first quarter net profit increased five-fold , driven mainly by contributions from its newly acquired tender rig business from Norway's Seadrill and assets from US firm Newfield Exploration.

Net profit for the quarter ended April 30 2014, rose to RM509.42 million from RM93.67 million in the same period a year earlier.

Revenue jumped 50.6% to RM2.44 billion from RM1.62 billion. It declared a tax exempt special dividend of 1 sen a share and an interim dividend of 1.35 sen per share.

The company believes that its prospects are positive going forward with its order book at RM27 billion consisting of contracts that span up to 2024.