Friday 21 Jun 2024
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KUALA LUMPUR (April 4): Sapura Energy Bhd said it has secured a contract to provide pan-Malaysia underwater services for the Petronas group of companies and petroleum arrangement contractors.

In a bourse filing on Thursday, the group said its wholly-owned subsidiary Sapura Subsea Services Sdn Bhd was awarded the contract by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd.

Sapura did not disclose the value of the contract, saying only that it is a call-out contract with agreed unit rates.

The scope of work, it said, includes the provision of diving support vessels, air and saturation driving systems, remotely operated vehicles and other underwater services. 

The Practice Note 17 (PN17) group expects the contract, which is valid for five years from Jan 31, 2024, to contribute positively to its earnings for the financial year ending Jan 31, 2025 (FY2025) and subsequent years.

Sapura posted a net loss of RM728.44 million for 4QFY2024, from RM3.26 billion a year before. Quarterly revenue dropped 13.01% to RM1.06 billion from RM1.22 billion in 4QFY2023, due to lower revenue recognised from the engineering and construction, and drilling business segments.

Shares in Sapura Energy closed unchanged at five sen, valuing the group at RM918.8 million.

Edited ByS Kanagaraju
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