Sunday, August 5, 2012

Shahril Shamsudin-owned Sapura received over 12 billion contracts



Pipelaying and installation works to propel SapCrest forward

Bornoe Post December 7, 2011, Wednesday

Pipelaying and installation works to propel SapCrest forward
KUCHING: SapuraCrest Petroluem Bhd (SapCrest) disclosed its merger proposals with Kencana Petroluem Bhd (Kencana) that would need shareholders’ approval in the upcoming extraordinary general meeting (EGM).
ECM Libra Capital Sdn Bhd (ECM Libra) viewed the merger to go as planned. The analyst also stated that SapCrest currently had an order book of RM12 billion to last it until 2016.
The bulk of the order book was from the installation of pipelines and facilities (IPF) segment, including the newly awarded Petrobras RM4.4 billion pipelaying job which was forecasted to commence in the fourth quarter calendar year 2014.
The acquired Clough marine business (Australia) came with three vessels of two pipe laying barges and one subsea support vessel was positive as SapCrest needed more vessels in order to grow its order book. SapCrest’s ninth month for the financial year 2012 earnings of RM233.7 million beat the house and consensus estimated by making up to 80 per cent of both full year estimates.
The stellar of the third quarter of the financial year 2012 earnings of RM83.1 million was an accrual of 52 per cent year-on-year backed by healthy marine services segment and high contribution from its installation of IPF sector.
SapCrest’s earnings before interest and tax (EBIT) margins advanced by nine per cent points year-on-year to 18 per cent as work orders completed in the third quarter of the financial year 2012 returned higher margins. ECM Libra maintained a target price of RM4.60 per share.

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