Malaysia's SapuraKencana Bags $700M Drilling Contracts


KUALA LUMPUR, June 16 (Reuters) – Malaysian oil and gas services firm SapuraKencana Petroleum Bhd has won some $700 million of drilling contracts and extensions in Southeast Asia and Trinidad & Tobago, it said on Monday.

SapuraKencana's wholly-owned drilling unit in Malaysia secured two contracts from the state oil firm Petroliam Nasional Bhd for provision of tender assist drilling rigs, which will be used offshore Malaysia, the company said in a stock exchange filing.

Its drilling subsidiary in Hong Kong secured a contract from Chevron Thailand Exploration and Production Ltd for the provision of offshore drilling rig and services in Thailand, it added.

SapuraKencana's unit in Bermuda extended existing contracts with BP Trinidad & Tobago LLC for the use of its drilling rigs in Trinidad & Tobago.

SapuraKencana said the contracts were expected to add to its earnings for the financial year ending Jan. 31, 2015 onwards and thereafter.

Shares of SapuraKencana dropped 1.64 percent lower at 4.21 ringgit per share, underperforming the broader index's 0.27 percent drop.

(Reporting By Yantoultra Ngui, editing by William Hardy)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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