KUALA LUMPUR: Sapura Energy Bhd's joint venture entities, Seabras Sapura Holding GmbH and Seabras Sapura Participacoes SA, have been awarded contracts worth US$1.8 billion for its six multi-purpose pipe-laying support vessels (PLSVs), as part of a competitive Petrobras tender process.
In a filing to Bursa Malaysia, the Practice Note 17 (PN17) company said the contracts were offered to Seagems Solutions Ltda, Sapura Diamante GmbH, Sapura Topazio GmbH, Sapura Jade GmbH, Sapura Onix GmbH and Sapura Rubi GmbH, which are entities of Seabras Sapura Holding and Seabras Sapura Participacoes.
Sapura Energy, through its subsidiary, Sapura Offshore Sdn Bhd, holds 50 per cent equity interests in these joint venture companies.
Sapura Energy said the contracts are for three years' term, commencing on different mobilisation dates according to each of the PLSVs, with the longest dated contract going through 2028.
"The scope of work includes the provision of subsea engineering, installation and other services, by utilising the PLSVs in the Brazilian waters.
"The PLSVs shall perform all operations required to the installation of flexible pipes, electric-hydraulic umbilical and power cables, new or used, such as loading, unloading, laying, connection between spans, vertical connection (first and second end) on submarine equipment, installation of submarine equipment and hydrostatic test, in a maximum water depth of 3000 metres," it noted.
Sapura Energy said the contracts will not have any effect on the share capital and shareholding structure of the company.
It added that the contract is expected to contribute positively to the earnings of Sapura Energy for the financial year ending Jan 31, 2025 and the subsequent years.