The Board of Directors of Kencana Petroleum Berhad announced that its wholly owned subsidiary, Kencana HL Sdn. Bhd. ("Kencana HL") has been awarded with a contract from Murphy Sarawak Oil Co. Ltd ("Murphy") for the fabrication of offshore platform facilities ("Contract").
The Contract comprises provision of engineering, procurement and fabrication of two (2) offshore platforms including topsides, substructures and link bridge. The Contract forms part of Murphy's Phase 1 of SK309/SK311 gas field development project located offshore Bintulu, Sarawak. The Contract value is estimated at approximately RM79 million. The Contract is expected to be fully completed by Fourth Quarter of year 2008.
The Contract is expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending 31 July 2008 and 2009.
None of the Directors or major shareholders or persons connected with the Directors or major shareholders of the Company has any direct or indirect interest in the Contract.
The Board of Directors of Kencana Petroleum is of the opinion that the acceptance of the Contract is in the best interest of the Company.
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