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[转贴] [SAPURA ENERGY BERHAD, challenging short to medium term] - James Share Investing

James Ng
Publish date: Mon, 26 Feb 2018, 04:26 PM

[SAPURA ENERGY BERHAD, challenging short to medium term]

Sapura Energy had a lost of RM274m in last quarter report. Revenue dropped to RM1.3b (YoY -74%), and finance costs increased to RM227m (YoY +19%). THe drop of revenue mainly attributable to the lower revenue from Engineering and Construction and Drilling business segments.

Award of contracts:
1. Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB WEST Compressor Upgrading Project for PETRONAS Carigali Sdn. Bhd. (3 years duration, expiring in 4Q2020)
2. Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation for PETRONAS Carigali Sdn. Bhd. (4.5 years duration, expiring in 2Q2022)
3. Provision of Engineering, Procurement, Construction, Commissioning Plus Installation (“EPCC+I”) for FFD Phase 2 Facilities, North Malay Basin by Hess Exploration and Production Malaysia B.V. (completed within 2Q2020)
4. Provision of Transportation and Installation (“T&I”) Works for Bokor CPP Project by Malaysia Marine and Heavy Engineering Sdn. Bhd. (completed by March 2020)
5. Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project by Mumbai Port Trust (completed by May 2019)

Prospects:
According to the page 50 of FY2017 annual report, the Group secured a total of RM6.3b in new contracts. In the E&P segment, after completed the SK310 B15 gas development field, will contribute to the future revenue. Industry condition continues to be challenging (prolonged low levels of capital spending). Lower order book replenishment and lower machines utilisation rates are the major risk factors to consider for the revenue contribution in the short and medium term.

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Sapura Energy这一季亏了RM2.7亿。营收跌到RM13亿(Yoy-74%),融资成本增加到RM2.3亿(YoY+19%)。营收跌主要是因为建造工程和挖井部们的营收下跌。

新合约:
1. Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB WEST Compressor Upgrading Project for PETRONAS Carigali Sdn. Bhd. (3年, expiring in 4Q2020)
2. Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation for PETRONAS Carigali Sdn. Bhd. (4.5年, expiring in 2Q2022)
3. Provision of Engineering, Procurement, Construction, Commissioning Plus Installation (“EPCC+I”) for FFD Phase 2 Facilities, North Malay Basin by Hess Exploration and Production Malaysia B.V. (2Q2020内完成)
4. Provision of Transportation and Installation (“T&I”) Works for Bokor CPP Project by Malaysia Marine and Heavy Engineering Sdn. Bhd. (三月2020内完成)
5. Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project by Mumbai Port Trust (五月2019内完成)

前景:
FY2017年报中的50页,公司拿到RM63亿的新合约。在建造工程部们,SK310 B15 gas development field完成后,会增加未来营收。油汽工业整体还是充满挑战(资本开销在低水平)。低合约获取量和低机器使用量将是短中期的主要挑战。

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James Ng