Sapura Energy shares rise after firm announced first UAE contract

KUALA LUMPUR (Feb 19): Sapura Energy Bhd, the most-active stock on Bursa Malaysia, rose as much as one sen or 4.17% to 25 sen in morning trades today after the company announced its first contract in the United Arab Emirates (UAE).

At 11:39am, Sapura Energy shares pared gains at 24 sen for a market capitalisation of RM3.84 billion. The stock saw some 61 million shares traded.

Yesterday, Sapura Energy said it, in partnership with Petrofac Emirates LLC, secured the contract from Abu Dhabi National Oil Co, for the Dalma Gas Development Project in Abu Dhabi within the UAE.

"The scope of works to be performed by Sapura Energy and Petrofac under the contract includes engineering, procurement, fabrication, transportation, construction, installation, testing and commissioning of all offshore facilities, several wellhead platforms, one hundred and eighty nine kilometres (189km) of subsea pipelines, cables and umbilical forming the Dalma Gas Development Project.

"The offshore installation scope will be executed using a vessel from Sapura Energy’s fleet of dynamically positioned heavy lift and pipelay vessels. The works will take approximately 30 months to complete," Sapura Energy said.