Award Of Contract For The Provision Of Engineering, Procurement, Construction And Commissioning Of Kamelia-A Wellhead Platform

abarrelfullabarrelfull wrote on 28 Dec 2012 08:40
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01 November 2012

SapuraKencana Petroleum Berhad ("SapuraKencana" or the “Company") is pleased to announce that its wholly-owned subsidiary company, Kencana HL Sdn Bhd, has received a letter of award from HESS Exploration and Production Malaysia B.V. (“HESS”) for the provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kamelia-A Wellhead Platform (“WHP”) for Early Production System (“EPS”) of the Integrated Gas Development (“IGD”) Project (North Malay Basin Field) (the “Award”).

INFORMATION ON THE AWARD

The Award comprises the provision of EPCC of a WHP for Kamelia Field, which is part of the North Malay Basin, an area located approximately 300km offshore Peninsular Malaysia. The work is expected to be completed by the first quarter of 2013.

FINANCIAL EFFECTS

The Award which is valued at approximately RM135.8 million is expected to contribute positively towards the earnings and net assets per share of SapuraKencana Group for the financial year ending 31 January 2013.

RISK FACTORS

Risk factors affecting the Award include, but not limited to, execution risks such as availability of skilled manpower and materials and changes in prices of materials. SapuraKencana Group has, throughout the years, established its track records and expertise to undertake such projects.

As such, the Management believes that SapuraKencana Group is able to mitigate the abovementioned risk factors.


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