SAPURA ENERGY BERHAD – EARNINGS RESULTS THIRD QUARTER FY2018
Sapura Energy Berhad (formerly known as SapuraKencana Petroleum Berhad), announced its third quarter results for the period ended 31 October 2017 (for financial year ending 31 January 2018, “FY2018”).
- Revenue for the quarter of RM1.3 billion.
- EBITDA for the quarter of RM253 million.
- Loss before tax for the quarter of RM209.7 million.
- Current orderbook of RM15.1 billion.
- Current cash and bank balance of RM1.9 billion.
- New contract wins in this quarter of RM1.5 billion.
Tan Sri Dato’ Seri Shahril Shamsuddin, President and the Group Chief Executive Officer said:
"The Group has recorded revenues of RM1.3 billion and a loss-before-tax of RM209.7 million for the quarter. However, in the same quarter, the Group generated positive EBITDA contribution of RM253 million.
For the Services business, we remain committed in securing new projects globally. Our recent contract wins of RM1.5 billion signify the Group’s ability to remain competitive in expanding our footprint and service offerings. Concurrently, we continue to focus on executing existing projects in South East Asia, India, Turkey and Brazil.
In our E&P business, we have completed the SK310 B15 gas field development project. This achievement demonstrates the capabilities of our team to deliver projects on schedule and within budget. We are confident that the commencement of SK310 B15 gas production combined with development opportunities presented by the significant discoveries in SK408 gas field, will provide long-term financial visibility to the Group.
The environment continues to be challenging and will persist in the short and medium term. The Group is currently considering various strategic and operational plans to mitigate the impact and improve the Group’s competitive position."
Exploration and Production (E&P)
- Lifted 0.9 MMboe in Q3 FY2018
- SK310 B15 development completed in October 2017
- SK408 gas sales negotiation is on-track
- Continued execution on projects in Southeast Asia, India, Turkey and Brazil with progress on track for:
- Zawtika Field Development EPCI project in Myanmar for PTT Exploration and Production Public Company Limited
- Seria Crude Oil Terminal (“SCOT”) Oil Export System (“OES”) Upgrade Offshore Single Point Mooring (“SPM”) Replacement for Brunei Shell Petroleum Co. Sdn. Bhd.
- Trans-Anatolian Pipeline in Turkey which utilises our vessel, the SK 1200
- B-127 Cluster pipelines EPCIC in India for Oil and Natural Gas Corporation Limited
- Five contract wins with a combined value of approximately RM1.5 billion this quarter in Malaysia and Brazil including:
- Pan Malaysia Transportation & Installation of Offshore Facilities for 2018 Scope of Works (PETRONAS Carigali Sdn. Bhd. and Sarawak Shell Berhad)
- Provision of Maintenance, Construction and Modification (MCM) Services (PETRONAS Carigali Sdn. Bhd.) (Package A – Offshore) – Sarawak Gas
- Provision of Hook-Up, Commissioning and Offshore Construction Services (Repsol Oil & Gas Malaysia Limited)
- Provision of Mechanical Works for the Flexi High Density Polyethylene (HDPE) Plant for the Refinery and Petrochemical Integrated Development (“RAPID”) Project - Unit 3215 (TecnimontHQC Sdn. Bhd.)
- Provision of (1) Engineering, Procurement and Construction related to Pipeline for UTE Porto de Sergipe 1 Combined Cycle Power Plant, (2) Transportation and Installation of the Offshore Floating, Regasification and Storage Unit’s (“FSRU”) Mooring System, and (3) Hooking-up of the FSRU/Riser/Umbilical for Centrais Elétricas de Sergipe S.A. (“CELSE”)
- All six pipe-lay vessels are operating at a high average utilisation rate of ~97% in Brazil
- Strong performance across five of our drilling rigs, with the SKD Alliance on-track for restart in April 2018