SapuraKencana (SAKP) announced that the group has secured US$269m (RM969m) worth of international contracts for works in Mexico, Indonesia, Vietnam and India. The details are as below:
i. Mexico’s Pemex had awarded to SAKP a contract to install the structures and superstructures of fixed marine platforms, pipelaying and lifting of major power generation equipment in the Bay of Campeche, Gulf of Mexico. The contract value is between US$41.2m and US$98.1m;
ii. Indonesia’s PT PGAS Solution has awarded to the consortium comprising SAKP and PT Encona Inti Industri of Indonesia a contract for the work of offshore and onshore pipeline installation in the construction of Kalija 1 Natural Gas Transmission Pipeline of Kepodang – Tambak Lorok Segment. The work will be performed in the Muriah PSC, Central Java. The contract value is a lump sum fee of US$97.5m;
iii. PTSC Offshore Services Joint Stock Company had awarded to SAKP three contracts:
1. A contract for the installation of Nearshore and Offshore Pipeline for Thai Binh – Ham Rong Gas Distribution & Gathering System Project, Phase 1 located in Offshore Thai Binh Province, North of Vietnam;
2. A contract for the installation of offshore facilities for Thai Binh Development Project;
3. A contract for the installation of the H5-WHP Topside and Pipelines for Te Giac Trang Field Development Project offshore Vietnam;
iv. BG Exploration and Production India Limited had awarded to SAKP a contract for the provision of transport and installation services for the PB Gas Lift Riser Replacement project at Panna Offshore Field, offshore Mumbai. (Source: Bursa Malaysia)
Comments: The US$269m contract wins are good assurance that SAKP is capable of securing international works despite lower global oil & gas capex. This is SAKP’s first announcement on a major contract win this year. We expect the group to secure more contracts in the coming quarters and maintain our FY16 new contract wins assumption of RM4bn. No change to our earnings forecast, maintain HOLD.
Source: Affin Hwang Capital Research - 12 May 2015
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