SapuraCrest Awarded Contract Extension by EMEPMI

SapuraCrest Petroleum has been awarded a RM 200 million one year extension to its on-going contract with Exxon Mobil Exploration & Production Malaysia Inc (EMEPMI).

The contract extends the work being done by wholly-owned subsidiary TL Offshore for the '2004 - 2006 Transportation and Installation of Offshore Facilities for EMEPMI' contract awarded to the company in March 2004.

"We are pleased with this extension to the contract as it underscores the fine work done by SapuraCrest and the client's confidence in our ability to deliver quality work on a continuous basis. It also reinforces the importance of our on-going efforts to develop our resources and assets for the provision of conventional and deepwater oil and gas services," said Datuk Shahril Shamsuddin, Executive Vice-Chairman, SapuraCrest Petroleum Berhad.

Expected to be completed by the first quarter of 2008, the contract extension covers EMEPMI's Tapis, Guntong and Jerneh fields, located 200 kilometers off Terengganu, in the east coast of Malaysia. It includes the installation of approximately 26 kilometers of sub-sea pipelines as well as the installation of a drilling platform for the Jerneh field.

SapuraCrest has since the beginning of its 2007 financial year on 1st February 2007 secured RM 833 million in new contracts.

Exchange rate of USD1 = RM3.6 usd