News

Jerun CPP job to drive order book momentum for Sapura Energy

KUALA LUMPUR, Jan 8  -- Sapura Energy Bhd's order book is expected to be boosted further as it is expected to secure the engineering, procurement, construction and installation (EPCIC) contract for the central processing platform (CPP) for SapuraOMV Upstream Sdn Bhd's Jerun field development, offshore Sarawak. 

AmInvest in its company update today said only two bidders took part in the bidding for the Jerun CPP, namely Sapura and Malaysia Marine & Heavy Engineering Holdings Bhd (MMHE). 

"Even though the report indicated that the decision is likely to be made based on Sapura's bid instead of its ties to the operator, MMHE's commercial bid was lower, but the latter is still hopeful of securing the contract, which is expected to be formally awarded by the end of the month," it said. 

"We estimate that securing this project alone could boost Sapura's outstanding order book of RM12.5 billion by 32 per cent, reversing its declining sequential trend over the past two quarters," it added. 

According to AmInvest, the contract value for a CPP weighing 22,000 tonnes, plus 5,300 tonnes of piles and an 8,500-tonne compression platform, could easily be worth over US$1 billion. 

Partners in the Block SK 408 production sharing contract are operator SapuraOMV (40 per cent), Petronas Carigali (30 per cent) and Shell (30 per cent).  

OMV, the Austrian energy giant with a 50 per cent shareholding in Sapura OMV, had earlier indicated that the Jerun field is due to come onstream in 2024.

The Jerun field, together with the Jeremin, Teja and Legundi satellite discoveries, form phase two of the Block SK 408 development.

As at 11 am, Sapura Energy shares stood at 12 sen with 6.8 million shares transacted. 

-- BERNAMA

 

 

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