Oil and gas player Sapura Energy Bhd trim net losses by 33pct to RM326mil in the nine-month period of FY20 from RM483mil with revenue growth jumped 73pc year-on-year to RM5.3bil from RM3.1bil in the same period previously.

For the quarter (Q3 FY20), revenue improved by 47pc year-on-year to RM1.8bil from RM1.2 bil previously, while net loss remained at RM101mil. The Group’s order book remains healthy at RM15.1bil, with new contract wins of RM3.7bil year-to-date.

This include provision of the subsea installation vessel to undertake offshore deep water Christmas Tree transportation and installation in Area 4 Rovuma Basin in Mozambique; from Petrobras for a contract extension of Sapura Topazio; and from Shell Malaysia for the extension of Sapura Esperanza for Malikai phase 2 drilling campaign, offshore Sabah.

Under the full-term Upstream Gas Sales Agreement with PETRONAS for SK408 phase 1 development, the Group, SapuraOMV Upstream (Sarawak) Inc. and its partners, PETRONAS Carigali Sdn Bhd and Sarawak Shell Berhad, will be supplying gas produced from the Gorek, Larak and Bakong fields to the PETRONAS Liquefied Natural Gas (LNG) Complex in Bintulu. First gas from the Larak field is expected by end of the year.

The oil and gas industry is expected to remain challenging but Sapura Energy is determined to pursue more global opportunities by leveraging on its capabilities, track record and strong asset base.

 

Sources: Linkedin Azlan Abu Bakar