The Board of Directors of SapuraKencana Petroleum Berhad announced that SC Projects Pty Ltd, a wholly owned subsidiary of the Company incorporated in Australia, had received the Award from Origin Energy Resources Ltd for the Origin Otway Phase 3 Development.
The Origin Otway Phase 3 Development will be developed and operated by Origin together with its joint venture partners Toyota Tsusho (Australasia) Pty Ltd and Benaris International Pty Ltd.
SC Projects Pty Ltd’s scope of work will involve project management, installation engineering, procurement, fabrication, installation and pre-commissioning works associated to the development of the Geographe discovery, located approximately 55 km offshore Port Campbell, Victoria, Australia.
SapuraClough will utilise the vessel Normand Clough as the main installation vessel to carry out the work.
The value of the Award is approximately $51 million AUD (equivalent to RM157.25 million), for a contract period of 14 months.
The risks associated with the Award are mainly operational risks. Notwithstanding this, the Management shall always ensure strict compliance to the safety and operational procedures in the execution of contract requirements.
The Award will have no effect on the issued and paid-up capital of the Company and is expected to contribute positively to the Group’s earnings and net tangible assets for the financial year ending 2013.
Subsea World News Staff, May 23, 2012; Image: SapuraClough