SapuraKencana Petroleum Berhad (“SapuraKencana”, “Company” or “Group”), announces its second quarter results for the period ended 31 July 2016.
Highlights
Revenue for second quarter of RM1.7 billion
Profit before tax for the quarter of RM187 million
Orderbook of RM17.7 billion
Cash and bank balance of RM2.7 billion, an increase of RM371 million from the previous quarter
New contract wins year to date of approximately RM3.3 billion across all Services divisions
Tan Sri Dato’ Seri Shahril Shamsuddin, President and the Group Chief Executive Officer said:
“The Group has recorded two positive quarters in this financial year. Our commitment to high standards of safety, quality and efficiency has enabled SapuraKencana Petroleum Berhad to secure RM3.3 billion of work globally year to date which include notable wins in Mexico for the KMZ Project pipeline and subsea installation as well as our first project in Europe with the Trans Anatolian Pipeline (TANAP). The six-vessel pipelay fleet in Brazil is now fully operational with high utilisation rates of 99%.
The industry outlook remains challenging and the Group anticipates stiff competition globally resulting in further pressure on margins. Transformative action is in place to deliver on lower costs and increased productivity, ensuring long-term sustainability of our business.”
Recent developments
Services
New contract wins in Malaysia, Vietnam, Australia and Mexico for Engineering & Construction
New contract and contract extension secured in drilling for SKD Berani in Malaysia and SKD Jaya in Trinidad & Tobago
Commenced operations of Sapura Rubi, all six (6) pipelay vessel in operations for Petrobras in Bazil
Expanded service offering in light-well intervention and decommissioning in Australia
New Market Entry
SKPB enters Europe with RM510 million Trans Anatolian Natural Gas Pipeline (TANAP) EPCI Contract
Energy
Mutual agreement for cessation of Berantai Risk Service Contract with Petroliam Nasional Berhad (PETRONAS)