SapuraKencana secures RM1.3b contract extension
UPDATED @ 10:11:36 PM 24-05-2012
May 24, 2012
KUALA LUMPUR, May 24 — SapuraKencana Petroleum Bhd has secured a RM1.3 billion contract extension for the transportation and installation of offshore oil and gas facilities and structures for 11 Petronas production-sharing contractors.
Its wholly-owned subsidiary, TL Offshore Sdn Bhd, received a confirmation from Petronas, which has exercised its option to extend for one year (2013) the current contract.
The contract extension will be formalised by the respective PSCs accordingly, it said in a filing to Bursa Malaysia.
The value for the expected scope of work for next year is about RM1.3 billion, said SapuraKencana in a filing to Bursa Malaysia.
The contract's extension has no effect on the issued and paid-up capital of the company and is expected to contribute positively to the group's earnings and net tangible assets for the financial year ending Jan 31, 2013, it said.
Under the primary contract, the work performed for the PSCs was for three years from 2010 to this year, with options for two further extensions of one year each. — Bernama
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