Malaysian offshore contractor Sapura Energy Berhad, formerly known as Sapura Kencana, has secured four separate international contracts worth around USD$206 million.
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Sapura Energy Bhd, Malaysia's largest oil and gas service provider, said it was beginning to see interest building in upstream projects following sharp rollbacks in recent years from lower oil prices.
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Sapura Exploration & Production is the quiet achiever of the Malaysian upstream sector, staying out of the spotlight while it progresses its plan to become a major gas producer.
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Sapura Energy Bhd’s earnings turnaround for the full year of financial year 2017 (FY17) has caught several research houses by surprise.
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Sapura Energy Bhd, formerly known as SapuraKencana Petroleum Bhd, has posted a pre-tax profit of RM385 million for financial year ended Jan 31, 2017 (FY17), compared with a pre-tax loss of RM713 million a year ago.
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SapuraKencana Petroleum Bhd has been awarded four engineering and construction contracts with a total value of about US$97.4mil (RM433.4mil).
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SapuraKencana Petroleum Bhd has signed a seven-year multi-currency financing facilities of about US$1.5 billion, equivalent with a consortium of Malaysian, regional and international banks.
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SapuraKencana Petroleum Bhd and global technology services firm Proserv are joining forces to provide enhanced technology services offerings to clients in Asia Pacific.
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SapuraKencana Petroleum Bhd has bagged five contracts totalling US$300mil or RM1.34bil including to provide its underwater services, offshore installation work and rigs.
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SapuraKencana Petroleum posted a stronger set of earnings in the third quarter ended Oct 31, 2017 (Q3 FY17) due to the absence of provision for impairments a year ago.
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