Business

Published: Friday October 2, 2009 MYT 3:17:00 PM

SapuraCrest JV gets RM600mil job


KUALA LUMPUR: Sapuracrest Petroleum Bhd’s joint venture company, SapuraAcergy Sdn Bhd has secured a US$170mil (RM600mil) contract from Apache Energy Ltd for the transportation and installation of offshore facilities in Australia.

SapuraAcergy is a joint venture company equally owned by SapuraCrest and Acergy S.A.

In a filing with Bursa Malaysia, SapuraCrest said the contract, which was part of the Devil Creek development project involves transporting and installing about 91 km of 16-inch rigid pipeline including a shallow water beach approach, subsea tie-ins and stabilisation works together with a wellhead platform of 1,700 metric tonne four leg jacket and a 450 metric tonne topside processing module.

The works are expected to be performed in water depths of about 60 metres.

SapuraCrest said the engineering and project preparations would commence immediately.

“Offshore installation is scheduled to commence in late 2010 using the Sapura 3000, SapuraAcergy state of the art dynamic positioning heavy lift and pipelay vessel and project specific third party support vessels,” it said.

The works are expected to be completed by early 2011.

SapuraCrest said the contract would have no effect on its issued and paid-up capital of the company.

However, it was expected to contribute positively to the group’s earnings and net tangible assets for the financial year ending Jan 31, 2010 and the financial periods thereafter in the duration of the contract.

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