SapuraKencana not affected by Petrobras cut
December 19, 2014 2:25 pmSapuraKencana Petroleum Bhd will not be affected by the cut in expenditure by Petroleo Brasileiro SA (Petrobras), said its PGCEO, Tan Sri Shahril Shamsuddin.
SapuraKencana Petroleum Bhd will not be affected by the cut in expenditure by Petroleo Brasileiro SA (Petrobras), said its PGCEO, Tan Sri Shahril Shamsuddin.
Research houses have maintained 'buy' calls on SapuraKencana Petroleum Bhd following its solid net profit of RM1.1 billion for the nine months of financial year ending January 31, 2015. Strong earnings growth driven by acquisitions of tender rigs and energy businesses and higher contributions from the offshore construction segment.
SapuraKencana Petroleum Bhd has launched its first pipe-laying support vessel (PLSV) for state-run Petrobras off Brazil, ahead of schedule. The company expects this new operations to start contributing to the group's revenue soon.
Alliance IB Research analyst Arhnue Tan said exciting times are ahead for SapuraKencana Petroleum Bhd with the first Petrobras contract commencing next year, the tender rigs purchase starting to contribute earnings and the Berantai marginal field moving towrads full production.
SapuraKencana Petroleum Bhd successfully launched its first pipe laying vessel, Sapura Diamanté on Friday. The launch marks a significant new chapter for the group's expansion into Brazil's giant oil and gas sector.
SapuraKencana Petroleum Bhd, fresh from securing a RM8.5 billion contract in Brazil, is expected to clinch between RM2 billion to RM3 billion more jobs this year.
SapuraKencana Petroleum Bhd said on Thursday it had won a $2.7 billion offshore-support-vessel contract from Brazil's state run oil company, Petroleo Brasileiro Petrobas SA.
SapuraKencana and Norway's Seadrill have landed a $2.7 billion contract from Brazilian giant Petrobras for three flexible deep-water pipe-laying support vessels.
SapuraKencana Petroleum Bhd maintain outperform at RM2.41 with a target price of RM2.97: Congenstion at Brazilian yards is one of the factors that prompted Petrobas to open up the construction of vessels to foreign shipyards.