KUALA LUMPUR: PublicInvest Research has given Sapura Energy Bhd an 'outperform' call with a target price of RM2.08 on the heels of the company's announcement that it has bagged RM879 million worth of contracts.
In its company update on Sapura Energy published today, PublicInvest Research listed the four contract awards won by the Group and said, as a result, that Sapura Energy's earnings estimates are in line with the research house's replenishment assumptions.
Sapura Energy announced yesterday that its unit Sapura Offshore Sdn Bhd was awarded by PT. Gunanusa Utama Fabricators (PTG) to undertake subcontract works in the Gulf of Moattama, South of Yangon, Myanmar, for the PTTEP International Limited project, with PTG as the main contractor.
"The scope consists of engineering, procurement, construction and installation (EPCI) of associated pipelines, transportation and installation (T&I) of new offshore wellhead platforms, brownfield modifications of existing platforms and installation of telecommunication and control system integrated to existing facilities, with the expected completion in March 2018," the firm rim wrote.
The other contracts for various types of works are from Brunei Shell Petroleum Co Sdn Bhd (BSP) award to Sapura Offshore (SO); Oil and Natural Gas Corporation Limited award to SO; and PTTEP Australasia (Ashmore Cartier) Pty Ltd award to Normand Sapura Pte Ltd.