Sapura Energy Bhd (formerly known as SapuraKencana Petroleum Bhd), which announced its first quarter results for the period ended 30 April 2017 (for financial year ending 31 January 2018) recently, delivered strong operational performance resulting in Profit before tax of RM104 million.
It recorded a revenue of RM1.8 billion for first quarter this year with current orderbook of RM17 billion and current cash and bank balance of RM2.1 billion. Its recent contract wins are approximately worth about RM880 million.
Tan Sri Shahril Shamsuddin, President and the Group Chief Executive Officer said: “The challenging environment facing our industry continues with the persistent uncertainty in the outlook of oil prices. Nevertheless, the Group has been able to consistently demonstrate competitiveness by securing and reliably executing projects globally.”
“We have thus been able to generate profits before tax of RM104 million for the quarter ended 30 April 2017. Further, we have secured new projects in key markets in Southeast Asia, Australia and India. In our Exploration & Production operations, our development of the SK310 B15 field is on-track, with first gas anticipated before year-end.”
“Our track-record reflects our commitment to re-basing costs while enhancing operational effectiveness. We anticipate the demanding conditions within the industry to continue into the foreseeable future, yet the Group believes it will remain resilient and agile in managing these challenges.”
The company recent developments include:
- SK 310 B15 field development on track, first gas expected in Q4 2017
- SK408 development plans for Gorek and Larak proceeding as planned
- Significant win for this quarter is the award of Engineering, Procurement, Construction and Installation (“EPCI”) for the Zawtika Field Development in Myanmar for PTTEP International. The project scope includes installation and commissioning of new wellhead platforms and brownfield modifications to existing facilities
- Other notable wins include the upgrading of facilities at the Seria Crude Oil Terminal (“SCOT”) for Brunei Shell Petroleum, Transport and Installation of subsea works at C-26 Cluster Pipeline for Oil and Natural Gas Corporation Limited (“ONGC”) as well as an Inspection, Repair & Maintenance Services contract for PTTEP Australasia in Montara Field
- Seven drilling rigs in operation with above 99.2% technical utilisation
- All six pipelay vessels in Brazil are in operation for Petrobras at 99.4% utilisation.