INTRODUCTION
The Board of Directors of SapuraKencana Petroleum Berhad (“SapuraKencana” or “Company”) (“Board”) is pleased to announce that wholly-owned subsidiary companies within the SapuraKencana Group have been awarded new contracts and contract extensions with a combined value of approximately USD125 million (approximately RM513 million, based on USD/MYR exchange rate of USD1: RM4.09).
Details of each of these contracts are as summarised below:
DRILLING
Award of Contract for Semi- Submersible Tender Assist Drilling Rig “SKD Berani” by JX Nippon Oil & Gas Exploration (Malaysia) Limited
SapuraKencana Drilling Tioman Sdn. Bhd. has been awarded a contract by JX Nippon Oil & Gas Exploration (Malaysia) Limited (“JX Nippon”) for the provision of Semi-submersible Tender Assist Drilling Rig “SKD Berani” (“SKD Berani”).
The contract is for JX Nippon’s development drilling campaign offshore Malaysia which comprises of three firm wells of approximately total duration of 150 days as minimum; and two option wells if exercised. The contract is expected to commence by July 2016.
Extension of Contract for Semi-Submersible Tender Assist Drilling Rig “SKD Jaya” by BP Trinidad & Tobago LLC
SapuraKencana Drilling Jaya Ltd has accepted an extension to its contract with BP Trinidad & Tobago LLC. (“BPTT”) for the provision of its Semi-submersible Tender Assist Drilling Rig “SKD Jaya” (“SKD Jaya”).
BPTT has extended the use of the SKD Jaya for its development drilling campaign offshore Trinidad & Tobago for an additional one well for approximately 45 days and additional work on an existing well for approximately 60 days.
ENGINEERING AND CONSTRUCTION
Award of Contract for the Provision of Procurement, Fabrication, Construction, Installation and Pre-Commissioning Works for the Infrastructure and Utility Upgrading Projects by BASF Petronas Chemicals Sdn. Bhd.
SapuraKencana HL Sdn. Bhd. has been awarded a contract by BASF Petronas Chemicals Sdn. Bhd. for the procurement, fabrication, construction, installation and pre-commissioning work for the Infrastructure and Utility Upgrading Projects.
The works involve the provision of supervision, manpower, equipment and materials to carry out the construction, installation and pre-commissioning of three packages; boiler, condensate polishing unit and used firefighting water system, complete with common facilities.
The contract is for a period of approximately nine months.
Award of Contract for the Provision of Front End Engineering Design (FEED) and Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of Radio Shortwave Support System (RS3) Project by Selex ES Malaysia Sdn. Bhd.
SapuraKencana HL Sdn. Bhd. has been awarded a contract by Selex ES Malaysia Sdn. Bhd. for the provision of Front End Engineering Design (FEED) & Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of the Radio Shortwave Support System (RS3) Project for Petronas Offshore Facilities off the West Coast of Sabah.
The contract is for a period of approximately 19 months.
Award of Contract for the Provision of Procurement and Construction Works for SK310 B15 Development by SapuraKencana Energy Sarawak Inc.
SapuraKencana HL Sdn. Bhd. has been awarded a contract by SapuraKencana Energy Sarawak Inc. for the provision of procurement and construction for the topside package and jacket package for SK310 B15 development.
The contract is for a period of approximately 14 months and is expected to be completed by the second quarter of 2017.
Award of Contract for the Provision of Light Well Intervention by Woodside Petroleum Limited
SapuraKencana Australia Pty. Ltd. (“SKA”) has completed a light well intervention project for Woodside Petroleum Limited. SKA provided an integrated services solution for the project. The work was performed using the SapuraKencana’s assets, including the “SID” Light Well Intervention system and vessel “SapuraKencana Constructor”.
Award of Contract for the Provision of Decommissioning Work for Woodside Energy Julimar Pty. Ltd.
SapuraKencana Australia Pty. Ltd. has been awarded a contract by Woodside Energy Julimar Pty Ltd. for phases of the Balnaves Decommissioning project for the Balnaves field which is located offshore North-West Australia. This work includes the project management, engineering and offshore execution for the removal of certain subsea infrastructure associated with the Balnaves field.
The contract is for a duration of approximately six months.
Award of Contract for the Provision of Light Well Intervention Service by Shell Australia
SapuraKencana Australia Pty. Ltd., (“SKA”) has been awarded a light well intervention contract on call-off basis by Shell Australia. SKA is supplying an integrated service solution for Light Well Intervention services utilising SapuraKencana’s Light Well Intervention System and vessel.
The contract is for a duration for five years.
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 SapuraKencana Group principally for the financial year ending 31 January 2017 and, for contracts that extend beyond 31 January 2017, the financial period(s) thereafter during their respective contract periods.
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 Company 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 28 June 2016.
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