Sapura Energy Berhad (“the Company” or “the Group”, formerly known as SapuraKencana Petroleum Berhad), announced its second quarter results for the period ended 31 July 2017 (for financial year ending 31 January 2018 (“FY2018”)).
The Group delivered Revenues of RM1.7 billion and Profits-Before-Tax of RM33.8 million for the quarter.
Highlights
Revenue for second quarter of RM 1.7 billion.
Profit before tax for the quarter of RM 33.8 million.
Current orderbook of RM 15.1 billion.
Current cash and bank balance of RM 2.2 billion.
Recent developments
Exploration and Production (E&P)
SK310 B15 field development on track, with first gas expected in Q3 FY2018
SK408 gas fields development on track
Services
Progress on track on the Zawtika Field Development EPCI project in Myanmar (PTTEP), Seria Crude Oil Terminal facilities upgrades (Brunei Shell Petroleum) and B-127 Cluster pipelines EPCIC in India (Oil and Natural Gas Corporation Limited)
Completion by year end for our pipelay operations for the Trans-Anatolian Pipeline in Turkey (utilising our vessel, the SK 1200)
Successful delivery of the Pan-Malaysia offshore facilities transport & installation campaign for the 2017 season
Completion of decommissioning work for Dana D-30 for PCPP, the client’s first decommissioning project in South-East Asia
Strong performance for the SKD Esperanza drilling campaign for Royal Dutch Shell’s Malikai deepwater Project
Six drilling rigs in operation in the quarter with overall technical utilisation above 99%
All six pipelay vessels in Brazil are in operation for Petrobras at 99.5% utilisation
Tan Sri Dato’ Seri Shahril Shamsuddin, President and the Group Chief Executive Officer said:
“The Group delivered revenues of RM1.7 billion and profit before tax of RM33.8 million for the quarter.
The Group continues to exhibit resilience and effectiveness in executing projects globally despite the challenging industry conditions. We remain committed to expanding our footprint into new geographies and enhancing our service offerings to suit client needs.
In our E&P operations, we are on track to achieve first gas production from the SK310 B15 field in the third quarter of this financial year. Alongside the Group’s future gas development plans for SK408, these milestones will provide long-term financial visibility for the Group.”