Sapura Energy Secures RM2.7B Contract Wins in Q2 FY2023

Source: www.gulfoilandgas.com 6/16/2022, Location: Asia

Sapura Energy Berhad (“Sapura Energy” or “the Group”), wishes to announce that its Drilling and Engineering & Construction (E&C) business segments, through its wholly-owned subsidiaries and joint-venture, have secured six major contract wins in Asia Pacific and Atlantic region, with a combined value of RM2.7 billion, of which RM176 million is contributed by its joint venture company.

These wins are a testament to Sapura Energy’s Reset Plan; which includes a shift in its bid strategy to focus on areas where the Group is highly competitive. The awards also signal confidence from the Group’s new and existing clients that Sapura Energy can execute and create value for their businesses safely and profitably.

Our Drilling business segment continues to secure new contracts under the current market conditions. The segment is expected to increase its asset utilisation rate, from the current eight rigs in operations, to eleven rigs by the end of FY2023.

TRUSTED SOLUTIONS PARTNER IN ASIA PACIFIC AND ATLANTIC REGION

Drilling Business Segment
Sapura Drilling Asia Limited (Sapura Drilling) showcased its ability to deliver promises in Thailand when it was awarded with three new long-term contracts for its offshore tender-assist drilling rigs Sapura T-10, Sapura T-11, and Sapura T-12 from PTTEP Energy Development Company Limited (PTTEP).

These new contracts from PTTEP will commence in the third quarter of calendar year 2022.

Sapura Drilling also obtained an award for a new drilling campaign, offshore Malaysia.

E&C Business Segment
The Group strengthened its presence in the Atlantic region with an engineering, procurement, construction and installation (EPCI) subsea umbilicals, risers and flowlines (SURF) contract award by Enauta Energia SA to Sapura Energy Do Brasil (SEDB) and its consortium partner, Sapura Navegação Marítima S.A. (SNM). The EPCI SURF award is for the Atlanta’s Full Field Development in the Santos Basin, offshore Brazil.

The contract scope of work includes the supply of a pipelay support vessel, installation of new subsea manifolds, subsea pumps, flexibles, jumpers and umbilicals for three new wells, disconnecting the existing Early Production System (EPS), and re-routing existing flexibles and umbilicals to the FPSO Atlanta.

The contract has commenced in the first quarter of calendar year 2022 for a duration of 33 months and is expecting to achieve its first oil in 2024.

Through its subsidiary Sapura Offshore Sdn. Bhd., the Group’s E&C segment has been awarded a transportation and installation contract by Hess Exploration And Production Malaysia B.V.

The contract scope of work includes transportation and installation of a 51-kilometre pipeline, three wellhead platforms, two flexible pipelines, and subsea facilities in the North Malay Basin development.

The contract has commenced in second quarter calendar year 2022 for a duration of eight months excluding warranty period.

In a separate announcement to Bursa Malaysia last week, Sapura Energy also disclosed that the High Court of Kuala Lumpur had granted the Group a nine-month extension on the restraining order related to its proposed scheme of arrangement, allowing the Group to focus on project execution whilst working out an amicable solution with its creditors. The Group also received support from its lenders to extend the standstill agreement.


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