INTRODUCTION
The Board of Directors of Sapura Energy Berhad (formerly known as SapuraKencana Petroleum Berhad) ("Sapura Energy" or the “Company") (“Board”) is pleased to announce that its direct and indirect wholly-owned subsidiaries have been awarded contracts with a combined value of approximately RM905 million.
Details of each of these contracts (“Contracts”) are as summarised below :-
1. Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB WEST Compressor Upgrading Project for PETRONAS Carigali Sdn. Bhd.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB West Compressor Upgrading Project (“Contract”) for PETRONAS Carigali Sdn. Bhd.
The Contract work scope involves the removal of existing HP compressors and reinstallation of refurbished LP Compressors at EWDP-A, refurbishment of Reinjection Compressors to HP Compressors at offshore at EWG-A, replacement of compressors associated equipment, piping and instrumentation, process and utility tie-ins modifications and other related topside facilities brownfield modifications and improvement at ERB WEST platforms and Kinarut platforms.
The duration of the Contract will be for a three (3) years expiring in fourth quarter of 2020.
2. Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation for PETRONAS Carigali Sdn. Bhd.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation (“Contract”) for PETRONAS Carigali Sdn. Bhd.
The Contract scope of work comprises of Bokor rejuvenation and host tie-in works at existing platforms including LADR-A and BNG-B and Betty rejuvenation and redevelopment works involving existing platform facilities upgrades, both to support Bokor EOR and redevelopment of the two fields.
The duration of the Contract will be for a four and a half (4 ½) years expiring in second quarter of 2022.
3. Provision of Engineering, Procurement, Construction, Commissioning Plus Installation (“EPCC+I”) for FFD Phase 2 Facilities, North Malay Basin by Hess Exploration and Production Malaysia B.V.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Engineering, Procurement, Construction, Commissioning Plus Installation (“EPCC+I”) for FFD Phase 2 Facilities, North Malay Basin (“Contract”) for Hess Exploration And Production Malaysia B.V.
The Contract scope of work comprises engineering, procurement, construction and commissioning of a conventional 3-legged Terminal Wellhead Platform and a Minimal Wellhead Platform, with associated pipelines. The scope for offshore transportation and installation work associated to the above Contract is optional. Hess will notify Contractor in writing if this option is exercised.
The works are expected to be completed within second quarter of 2020.
4. Provision of Transportation and Installation (“T&I”) Works for Bokor CPP Project by Malaysia Marine and Heavy Engineering Sdn. Bhd.
Sapura Offshore Sdn. Bhd. (formerly known as SapuraKencana TL Offshore Sdn. Bhd.) has been awarded a contract to undertake transportation and installation works for Bokor Central Processing Platform project (“Contract”) for Malaysia Marine and Heavy Engineering Sdn. Bhd.
The Contract scope of work comprises of transportation and installation of jackets, piles, bridges and appurtenances.
The works are expected to be completed by March 2020.
5. Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project by Mumbai Port Trust
Sapura Offshore Sdn. Bhd. (formerly known as SapuraKencana TL Offshore Sdn. Bhd.) has been awarded a contract to undertake the Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project for Mumbai Port Trust.
The Contract scope of work comprises of installation of 42in diameter submarine pipeline with a 5in diameter composite cable between onshore terminal at Pir Pau (Main Land, Mumbai, India ) to the Terminal at Jawahar Dweep and its associated works including trenching, burial and on-shore civil works.
The works are expected to be completed by May 2019.
FINANCIAL EFFECTS
The Contracts announced herein will have no effect on the issued and paid-up share capital of the Company and are expected to contribute positively towards the earnings of Sapura Energy Group for the financial year ended 31 January 2018 and, for Contracts that extend beyond 31 January 2018, the financial period(s) thereafter within the duration of the Contracts and the extension periods if the extension options are exercised.
RISK FACTORS
Risk factors affecting the Contracts include execution risks such as availability of skilled manpower and materials, changes in pricing, weather conditions, and/or political, economic and regulatory conditions. Notwithstanding, the Group has established a successful track record undertaking similar projects.
DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders of the Company and/or persons connected with them have any direct or indirect interest in the award and extension of the Contracts herein.
DIRECTORS’ STATEMENT
The Board is of the opinion that the acceptance of the Contracts herein is in the best interest of the Company.
This announcement is dated 5 February 2018.
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