SapuraCrest bags RM505m contract

SAPURACREST Petroleum Bhd has bagged a US$148 million (RM505 million) regional contract for works within the Malaysia-Thailand Joint Development Area (MTJDA).
The job was awarded to its subsidiary, TL Offshore Sdn Bhd by the Carigali-PTTEPI Operating Co Sdn Bhd.
Work will include transporting and installing of platforms, including jackets, decks and building bridges and inter-field pipelines, for the JDA Block B-17 Field Development Plan Project located in the MTJDA.
It is targeted to begin at the end of the third quarter of 2008 with completion expected in the third quarter of 2009.
"We would like to thank CPOC for this award. We are developing a partnership with them as our drilling unit is already providing services on a long term contract and this major win extends the scope of work we are offering to now include the installation of their offshore facilities," SapuraCrest executive vice-chairman Datuk Shahril Shamsuddin said in a statement released in Kuala Lumpur yesterday.
The MTJDA is an area of overlapping continental shelf claimed and jointly developed by both Malaysia and Thailand.
It is approximately 7,250 sq km in size and is located in the lower part of the Gulf of Thailand.
This is SapuraCrest's second operation in the area following an earlier US$120 million (RM403 million) month drilling contract secured in January 2006.
Both successful bids come amid the company's long term development programme to further enhance its regional capabilities.
SapuraCrest is involved in supporting oil and gas field development in a variety of projects spanning Malaysia, Indonesia, Thailand, Russia, Australia and India.
"These investments by SapuraCrest Petroleum are geared towards actively sustaining, developing and acquiring the right resources, technologies, human capital and assets to provide the region's energy industry with the solutions that they need to develop increasingly complex shallow and deepwater oil and gas fields," Shahril said.