SapuraKencana Petroleum Berhad (“SapuraKencana” or the “Company”) announces that its wholly-owned subsidiary, Allied Marine & Equipment Sdn. Bhd. (“AME”) has been awarded with a Contract for the provision of Subsea Inspection Services for Carigali Hess’ Facilities, with Carigali Hess Operating Company Sdn. Bhd. (“Contract”).
The Contract comprises of subsea services which includes inspection of Carigali Hess jackets, pipelines and floating storage and offloading vessel (FSO). AME will also provide diving equipment, remotely operated vehicle (ROV), support vessel, personnel and inspecting/recording equipment as well as tools and spares required to perform the services and other work (“Services”).
The Contract is valued at approximately RM62 million over a four (4) year period on call out basis and is expected to contribute positively towards the earnings and net assets per share of SapuraKencana Group for the duration of the Contract.
Risk factors affecting the Contract are mainly operational in nature and include changes in economic and regulatory conditions. SapuraKencana Group has the track record and expertise to undertake such projects.
Press Release, October 28, 2013