Sapura Energy Shares Down Despite New Contract Win

Sapura Energy Shares Down Despite New Contract Win - Sapura Energy Bhd’s shares fell 1.4% this morning despite securing a RM905mil contract.

The oil and gas services company saw its shares fell 1.5 sen, or 1.42% to 69.5 sen in early trade amid a weak broader market with FBM KLCI plunged 43.61 points to 1,809.46 points.

Sapura Energy Bhd announced that it had secured contracts totalling RM905mil via its direct and indirect wholly-owned subsidiaries from Petronas Carigali, Hess Exploration And Production Malaysia B.V., Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and Mumbai Port Trust.

Sapura Fabrication Sdn Bhd secured three provision of engineering, procurement, construction and commissioning (EPCC) contracts.

One of the three contracts is for the Kinarut ERB West Compressor upgrading project for Petronas Carigali Sdn Bhd, which spans three years till the fourth quarter of 2020.

The works entail the replacement and refurbishment of compressors and associated equipment at ERB WEST and Kinarut platforms.