INTRODUCTION
The Board of Directors of Sapura Energy Berhad (formerly known as SapuraKencana Petroleum Berhad) ("Sapura Energy" or the “Company") (“Board”) is pleased to announce that its direct and indirect wholly-owned subsidiaries have been awarded contracts with a combined value of approximately RM905 million.
Details of each of these contracts (“Contracts”) are as summarised below :-
1. Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB WEST Compressor Upgrading Project for PETRONAS Carigali Sdn. Bhd.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Engineering, Procurement, Construction and Commissioning (“EPCC”) of Kinarut ERB West Compressor Upgrading Project (“Contract”) for PETRONAS Carigali Sdn. Bhd.
The Contract work scope involves the removal of existing HP compressors and reinstallation of refurbished LP Compressors at EWDP-A, refurbishment of Reinjection Compressors to HP Compressors at offshore at EWG-A, replacement of compressors associated equipment, piping and instrumentation, process and utility tie-ins modifications and other related topside facilities brownfield modifications and improvement at ERB WEST platforms and Kinarut platforms.
The duration of the Contract will be for a three (3) years expiring in fourth quarter of 2020.
2. Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation for PETRONAS Carigali Sdn. Bhd.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Minor Engineering, Procurement, Construction and Commissioning (“ePCC”) for Bokor Betty Brownfield & Rejuvenation (“Contract”) for PETRONAS Carigali Sdn. Bhd.
The Contract scope of work comprises of Bokor rejuvenation and host tie-in works at existing platforms including LADR-A and BNG-B and Betty rejuvenation and redevelopment works involving existing platform facilities upgrades, both to support Bokor EOR and redevelopment of the two fields.
The duration of the Contract will be for a four and a half (4 ½) years expiring in second quarter of 2022.
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.
Sapura Fabrication Sdn. Bhd. (formerly known as SapuraKencana HL Sdn. Bhd.) has been awarded a contract to undertake the Provision of Engineering, Procurement, Construction, Commissioning Plus Installation (“EPCC+I”) for FFD Phase 2 Facilities, North Malay Basin (“Contract”) for Hess Exploration And Production Malaysia B.V.
The Contract scope of work comprises engineering, procurement, construction and commissioning of a conventional 3-legged Terminal Wellhead Platform and a Minimal Wellhead Platform, with associated pipelines. The scope for offshore transportation and installation work associated to the above Contract is optional. Hess will notify Contractor in writing if this option is exercised.
The works are expected to be completed within second quarter of 2020.
4. Provision of Transportation and Installation (“T&I”) Works for Bokor CPP Project by Malaysia Marine and Heavy Engineering Sdn. Bhd.
Sapura Offshore Sdn. Bhd. (formerly known as SapuraKencana TL Offshore Sdn. Bhd.) has been awarded a contract to undertake transportation and installation works for Bokor Central Processing Platform project (“Contract”) for Malaysia Marine and Heavy Engineering Sdn. Bhd.
The Contract scope of work comprises of transportation and installation of jackets, piles, bridges and appurtenances.
The works are expected to be completed by March 2020.
5. Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project by Mumbai Port Trust
Sapura Offshore Sdn. Bhd. (formerly known as SapuraKencana TL Offshore Sdn. Bhd.) has been awarded a contract to undertake the Provision of Offshore/Onshore Pipeline and Terminal Works for Fifth Oil Berth Project for Mumbai Port Trust.
The Contract scope of work comprises of installation of 42in diameter submarine pipeline with a 5in diameter composite cable between onshore terminal at Pir Pau (Main Land, Mumbai, India ) to the Terminal at Jawahar Dweep and its associated works including trenching, burial and on-shore civil works.
The works are expected to be completed by May 2019.
FINANCIAL EFFECTS
The Contracts announced herein will have no effect on the issued and paid-up share capital of the Company and are expected to contribute positively towards the earnings of Sapura Energy Group for the financial year ended 31 January 2018 and, for Contracts that extend beyond 31 January 2018, the financial period(s) thereafter within the duration of the Contracts and the extension periods if the extension options are exercised.
RISK FACTORS
Risk factors affecting the Contracts include execution risks such as availability of skilled manpower and materials, changes in pricing, weather conditions, and/or political, economic and regulatory conditions. Notwithstanding, the Group has established a successful track record undertaking similar projects.
DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders of the Company and/or persons connected with them have any direct or indirect interest in the award and extension of the Contracts herein.
DIRECTORS’ STATEMENT
The Board is of the opinion that the acceptance of the Contracts herein is in the best interest of the Company.
（吉隆坡6日讯）大多投行相信，刚在週一（5日）宣布获得5份总值9亿零500万令吉合约的沙布拉能源（SAPNRG，5218，主板贸服股）当前估值具吸引力，其前景在油价回升的扶持下，值得期待，惟，亦有投行继续看淡该公司前景。
沙布拉能源今日与大市背道而驰，全天上涨1.5仙或2.13%，以72仙掛收，全天成交量为1亿5441万股，是全场第3大热门股。
肯纳格研究分析员指出，新合约在预料中，这也证明该公司有能力在竞爭激烈的市场，持续贏获合约。
「沙布拉能源並未透露个別合约的价值，我们认为，上述5项合约总值中的50%左右，来自国油勘探（PETRONAS Carigali）颁发的波科贝蒂已开发油田（Bokor Betty Brownfield）小型工程、採购、建设及启用（EPCC），还有修復工程合约，为期4年半。」
他补充道，包括上述波科贝蒂油田合约，沙布拉能源一共接获3项EPCC合约，以及2项运输与安装合约（T&I），合约期限由1年半到4年半不等，直至2023財政年（1月31日结账）。
E&P上市计划看好
此外，该分析员称，沙布拉能源分拆探索及生產业务（E&P）上市的计划虽然仍在初始阶段，但此举值得看好。
「通过分拆上市，沙布拉能源可利用旗下天然气田套现集资，同时，亦可减轻其负债压力，该公司截至2018財政年第3季的负债率为1.26倍。」
分析员表示，自从公布低於预期的第3季业绩后，沙布拉能源股价至今已滑落27%，相信所有利空已反映在股价上。
JF艾毕斯证券分析员亦开始看好沙布拉能源，认为该股下滑后，价值重新浮现。
同时，分析员指出，虽然获得5项新合约，但由於去年末季已完成17亿令吉订单，因此，沙布拉能源手上的订单总值估计由去年第3季的151亿令吉，降至140亿令吉。
无论如何，大眾投行分析员则因为，沙布拉能源近期可能需要作出减值拨备，加上风险溢价增高，因而对该股前景有所保留。
艾芬黄氏资本保持沙布拉能源「卖出」评级，目標价维持在73仙；而大眾投行將其评级降至「短线买进」，目標价则从1.69令吉，大幅降至1.11令吉。
看好沙布拉能源的肯纳格研究与JF艾毕斯分別將该股评级上修至「跑贏大市」和「买进」，目標价分別保持在82仙与1.06令吉。【东方网财经】
