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Sapuracrest secures RM3bln contract

Posted on: March 18, 2009

Bernama – Wednesday, March 18

KUALA LUMPUR, March 17 (Bernama) — SapuraCrest Petroleum Bhd’s wholly-owned subsidiary TL Offshore Sdn Bhd has secured a US$825 million (RM3 billion) contract from Sabah Shell Petroleum Company Ltd (SSPC) for the performance of offshore installation works at SSPC’s Gumusut-Kakap Offshore Fields.

The works is expected to be for a duration of three years with a base price of US$825 million and will be executed by SapuraAcergy Sdn Bhd (SASB), SapuraCrest said in a filing with Bursa Malaysia.

SASB is a joint venture equally owned by SapuraCrest Petroleum and Acergy SA.

It said the works would require the provision and performance of project management, procurement, engineering, transportation and installation services.

These include works for an oil export pipeline and riser, including the shore approach; flowlines, jumpers, Steel Catenary Risers (SCRs), Pipeline End Terminations (PLET); and flowline inline structures.

Also covered are works for mooring wires, chains and piles for a semi-submersible Floating Production System (FPS) including towing to offshore and installation thereof, SapuraCrest said.

The supply of the FPS is not part of the works, it added.

It said the Gumusut-Kakap field is located in 1200 metres water depth offshore Sabah.

The fields, Block J and K are the first deepwater opportunity for Shell in Malaysia, it said.

The major portion of the works will be performed by SASB’s state-of-the-art dynamically positioned heavy lift and deepwater pipelay vessel, Sapura 3000.

SSPC is the operator of the Gumusut-Kakap field as contractor to PETRONAS.

SSPC’s co-venturers in the development of the Gumusut-Kakap field are PETRONAS Carigali Sdn Bhd, ConocoPhillips Sabah Ltd and Murphy Sabah Oil Co. Ltd.

Datuk Shahril Shamsuddin, Executive Vice Chairman of SapuraCrest said the award is another milestone in SapuraCrest’s involvement in deepwater technology.

He said the project will involve high end installation engineering and execution works to be performed in Malaysia, giving opportunity for the development of Malaysian engineers and managers in this new frontier.

It will provide the knowledge and experience required for Malaysians to undertake future deepwater engineering, construction and installation works in Malaysia and the region, he added.

The contract is expected to contribute positively to the Group’s earnings and net tangible assets for the financial year ending Jan 31, 2010 and the financial periods thereafter in the duration of the contract. — BERNAMA


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