SapuraKencana: Short-Term Industry Outlook Uncertain

The short-term industry outlook remains uncertain, although there are early indications that the oil price is heading towards a path of stability in the medium term, SapuraKencana Petroleum Berhad President Tan Sri Dato’ Seri Shahril Shamsuddin said.

“In the short term, competition for work will remain intense and margin pressures will likely to continue through into the next year,” Shamsuddin stated.

SapuraKencana generated revenues of $496 million (RM2.2 billion), and a profit before tax of $44 million (RM199) million, in the third quarter. The company has a current cash and bank balance of $631 million (RM2.8 billion) and a current order book worth $3.8 billion (RM17.2 billion).

“The group recorded a positive third quarter for the financial year, leveraging on our ability to secure work through existing client relationships and our track record to deliver work safely, on budget and on time,” Shamsuddin said.

“We continue efforts to further enhance our competitiveness in the market, and remain committed to our initiatives towards increasing productivity and efficiency. The measures we take now are to maintain our agility in this challenging environment and ensure long-term sustainability for the group,” Shamsuddin added. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)
 -  Software Developer Mltech Completes Fi... (Mar 27)
 -  Aberdeen City Council Lifts Finance Ba... (Mar 27)
 -  Total-Borealis-Nova JV to Build Ethane... (Mar 27)
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Assistant Treasurer
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours