Sapura Energy Berhad’s Engineering and Construction (E&C), Drilling, and Operations & Maintenance (O&M) business segments have managed to secure RM1.4 billion worth of contracts from December 2022 to May 2023.
The group secured 10 contract wins across the Asia Pacific and Atlantic regions with E&C business segment securing RM979 million in contract wins, Drilling RM352 million, while O&M secured RM34 million, amounting to a combined value of about RM1.4 billion. Sapura said more than 70 percent of the combined contract value is from projects outside of Malaysia.
The group added the shift in strategy bore early results in Financial Year 2023, as it recovered from an operating loss of RM2.2 billion in the previous financial year to an operating profit of RM751 million in FY2023 despite the limited working capital and macroeconomic challenges.
This includes the latest contract for the Provision of Offshore Transportation and Installation Services Contract in the Republic of Congo, from ENI Congo SA. The ENI Contract is expected to be completed in Q4 of 2023 barring any unforeseen circumstances. The tenure of the ENI Contract is one year commencing from 20 December 2022 to 1 November 2023, and the total estimated value of the ENI Contract is approximately RM 600 million.
