SAPURA ENERGY BERHAD (FORMERLY KNOWN AS SAPURAKENCANA PETROLEUM BERHAD) EARNINGS RESULTS FINANCIAL YEAR 2017
Date: 31.03.2017.

Kuala Lumpur, 31 March 2017

Sapura Energy Berhad (“the Company” or “the Group”, formerly known as SapuraKencana Petroleum Berhad), announces its unaudited full year results for the financial year ended 31 January 2017.

The Group delivered robust operational performance resulting in a Profit before tax of RM385 million. Based on this performance, the Board has declared an interim dividend of 1 sen per share.

Highlights

  • Revenue of RM7.7 billion
  • Profit before tax of RM385.2 million with margins of 5.0%
  • Profit after tax of RM206 million
  • Interim dividend of 1 sen per share
  • Current cash and cash equivalents of RM3.5 billion, an increase of RM1.57 billion from the previous financial year
  • New contract wins for the year is worth approximately RM6.3 billion across all Services divisions
  • Current orderbook of RM16.7 billion

Recent developments

  • Energy
    • SK 310 B15 field development on track, first gas expected in Q4 2017
    • SK408 development plans for Gorek and Larak proceeding as planned
  • Services
    • Notable wins include the Pan-Malaysia Transport & Installation (“T&I”) Umbrella contract for 2017-2018, Pan-Malaysia Inspection, Repair & Maintenance contract (“IRM”), Trans-Anatolian Natural Gas Pipeline (“TANAP”) EPCI contract, B127 Cluster Pipeline Project for Oil and Natural Gas Corporation Limited (“ONGC”)
    • Key projects completed/ near completion include 4 Well-head Platforms (“WHPs”) for Carigali-PTTEP JV (“CPOC”), 3 WHPs for Hess Oil, KMZ Project pipelay of 17 km for Petróleos Mexicanos S.A. de C.V. (“PEMEX”)
    • New 5-year contract for SKD Alliance & contract extension for SKD Pelaut with Brunei Shell Petroleum, robust operational start-up & performance of SKD Esperanza for Shell Malikai
    • 7 drilling rigs in operations with above 99.5% technical utilisation
    • Completion of build for all 6 Pipelay Vessels (“PLVs”) in Brazil, all currently in operations for Petróleo Brasileiro S.A. (“Petrobras”)
  • New Service Offerings
    • SK GE joint-venture secured a 10-year contract for gas turbine maintenance onboard PETRONAS FLNG 1
    • Light-well intervention and decommissioning work secured in Australia for Royal Dutch Shell Australia and Woodside
  • Capital Management
    • Completed a seven-year refinancing deal worth US$1.5 billion with a consortium of local, regional and international banks

Tan Sri Dato’ Seri Shahril Shamsuddin, President and the Group Chief Executive Officer said:

“The Group continues to win work for Services in Malaysia, India, Australia and the Americas. Notable wins in our core market include Drilling in Brunei and renewal of the Pan-Malaysia T&I and IRM contracts. We have established our footprint in Europe with the Trans-Anatolian Natural Gas Pipeline in Turkey and remain aggressive in our market expansion strategy in that region as well as in the Middle East.

Our Energy division is making good progress on its SK310 B15 Field development, with first gas anticipated before year-end. Development plans are in progress for the SK408 fields.

We have renamed the company Sapura Energy to reflect our enhanced capabilities and reach in delivering integrated solutions for the upstream oil and gas industry.

The Group’s continuous commitment towards re-basing of costs and increasing operational efficiency will ensure we remain competitive in winning work globally. The challenging industry environment is expected to persist in the short term, but the Group believes it will remain resilient.”