After the latest drop in stocks in the past two trading days, Sapura Energy Bhd recovered today on positive sentiment from analysts covering the counter despite announcing weaker earnings in its latest quarterly results.
Sapura Energy Bhd has bagged five contracts worth a combined RM1.47 billion.
Despite a view that many Malaysian oil and gas (O&G) companies are not out of the woods yet following the 2014 collapse in oil prices, investor interest in some companies remains strong.
Sapura Energy Bhd is expected to be more aggressive in bidding for new jobs from next year after getting full ownership of the heavy-lift and pipelay vessel Sapura 3000, said analysts.
Sapura Energy Bhd and Subsea 7 SA have mutually agreed to discontinue the SapuraAcergy joint venture.
Sapura Energy Bhd’s net profit plunged 74.23 per cent to RM28.93 million in the second-quarter ended July 31, 2017 from RM112.27 million in a year ago.
Upstream oil and gas service provider Sapura Energy Bhd, which has secured new jobs worth RM6.3 billion this year, expects activity levels to remain subdued in the near term and competition to remain intense, despite a rebalancing of supply and demand dynamics triggering a return in investment appetite.
If 2016 was a year of tough decisions for the oil and gas (O&G) industry, then 2017 could be the road to recovery, says Deputy Prime Minister Datuk Seri Dr Zahid Hamidi.
Sapura Energy Bhd’s (SEB) wholly-owned Australian unit Sapura Energy Australia Pty Ltd has completed the Shell Prelude Light Well Intervention (LWI) Campaign-Plug Removal Activity for Shell Australia Pty Ltd in Western Australia in the Browse Basin in Western Australia.
Malaysian player keeps plans for start-up of domestic offshore gas field on track.