KUALA LUMPUR: SapuraKencana Petroleum Bhd's wholly-owned unit, Kencana HL Sdn Bhd, has been awarded two engineering, procurement, construction, installation and commissioning (EPCIC) contracts worth about RM1.3 billion.
SapuraKencana in a filing to Bursa Malaysia today said the first EPCIC contract was for three remote wellhead platforms in the North Malay Basin, off Peninsular Malaysia, from Hess Exploration and Production Malaysia BV.
"This EPCIC contract is for a period of about 25 months, with work expected to commence in this quarter and completed by the third quarter of 2016," it said.
The second EPCIC contract, it said, was for four wellhead platforms and associated subsea pipelines for JDA Block B-17 and B17-01 Field Phase 3 Development Project, offshore Malaysia-Thailand border, by Carigali-PTTEPI Operating Company Sdn Bhd.
The contract was for a period of about 39 months with work commencing in June this year and expected for completion by September 2017, it said.
It added that the contract is expected to contribute positively towards the earnings and net assets per share of SapuraKencana during the contract period.
Meanwhile, SapuraKencana's pre-tax profit for the first quarter ended April 30, 2014, quadrupled to RM639.01 million from RM159.49 million in the same period a year ago.
Revenue rose to RM2.44 billion from RM1.62 billion previously.
SapuraKencana said the higher revenue and pre-tax profit was primarily due to inclusion of tender rig business subsequent to the completion of its acquisition on April 30 last year, as well as the inclusion of SapuraKencana Energy Inc business subsequent to the completion of its acquisition on February 11 this year.
The company has declared a tax exempt single tier interim dividend of 1.35 sen per share and a tax exempt single tier special dividend of one sen per share.-- Bernama