SapuraKencana Takes Profit Hit

Malaysia’s SapuraKencana Petroleum has seen its profits slashed almost 63 per cent in the third quarter ended October 31, 2015, mostly on high impairments, despite a revenue growth of close to 20 per cent.

In the third quarter, the company generated revenue of approximately $671.2 million, or 2.89 billion ringgit, up from $559.7 million, or 2.41 billion ringgit from the year-ago quarter. Revenue boost was achieved by higher activity in the E&C division. Quarter-over-quarter revenue was also some 3 per cent higher.

Net profit was at 129.85 million ringgit or $30.2 million, a drop from 348.40 million ringgit or $81 million in the prior-year quarter.

As in the previous quarter, the drop in profit was primarily attributable to provision for impairment on oil and gas properties in the current quarter of about $73.7 million (317.3 million ringgit).

Nevertheless, excluding the impairments, and other expenses, SapuraKencana’s profit before tax was some 12.6 per cent higher compared to the corresponding quarter of the preceding year, but the oil price plunge continues to hit the profit of service providers as operators are looking into ways to further cut costs.

Subsea World News Staff

 

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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