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 contracts and extensions with a combined value of approximately USD117 million (approximately RM503 million, based on USD/MYR exchange rate of USD1: RM4.3).
Details of each of these contracts are as summarised below:
ENGINEERING AND CONSTRUCTION - MALAYSIA
Award of Provision of Hook Up & Commissioning Works for KNPG-B Phase II, Kinabalu Non-associated Gas (NAG) Development Project by THHE Fabricators Sdn. Bhd.
SapuraKencana HL Sdn. Bhd. has been awarded a contract for the Provision of Hook-Up & Commissioning works for KNPG-B Phase II, Kinabalu Non Associated Gas (NAG) Development Project by THHE Fabricators Sdn. Bhd. This involves the provision of supervision, manpower, equipment and marine spread to carry out the hook up and commissioning of a Compression System module and High Pressure High Temperature (HPHT) facilities on the KNPG-B Central Processing Platform.
The contract is for a period of approximately eight months and works are expected to commence in the first quarter of 2016.
ENGINEERING AND CONSTRUCTION – INTERNATIONAL
Award of Contract for the Provision of Engineering, Procurement and Construction (EPC) of the Subsea Isolation Value (SSIV) Systems by Hess Exploration & Production Malaysia B.V.
SapuraKencana Technology Sdn. Bhd. (formerly known as Sapura Energy Sdn. Bhd.) has been awarded a contract by Hess Exploration & Production Malaysia B.V. for the provision of Engineering, Procurement and Construction of the Subsea Isolation Valve (“SSIV”) Systems at Block PM302, North Malay Basin.
The scope of work under the contract includes the complete responsibility for carrying out and completing the work for SSIV Skids, Subsea Umbilical and Flying Lead, Hydraulic Power Unit (“HPU”), Topside Umbilical Termination Unit (“TUTU”), Umbilical Termination Assembly (“UTA”) and the supporting details.
The contract is for a period of approximately 18 months. It has commenced and is expected to complete around the first quarter of 2017.
DRILLING
Update on Sarawak Shell Berhad / Sabah Shell Petroleum Co. Ltd Contract for the Provision of Semi-Tender Assist Drilling Rig "SKD Esperanza"
SapuraKencana Drilling Tioman Sdn. Bhd. has been awarded a contract from Sarawak Shell Berhad (“SSB”)/ Sabah Shell Petroleum Co. Ltd (“SSPC”) for the provision of its Semi Tender Assist Drilling Rig “SKD Esperanza”.
The contract is for the nominal term of 18 months with options to extend for up to a further 18 months.
Update on Contract for the Provision of Tender Assist Drilling Rig "SKD T-20"
Reference is made to the Company’s previous announcement, dated 15 May 2014, for SapuraKencana Drilling Holdings Ltd’s Tender Assist Drilling Rig SKD T-20 (“SKD T-20”) offshore Côte d'Ivoire.
The contract is now expected to be completed in June of 2016, adding to the original contract term. Additionally, there is the option to extend the contract by 5 additional wells, which if exercised, will keep the SKD T-20 on contract to the final quarter of 2016.