Petronas Extends SapuraCrest Contract

SapuraCrest Petroleum has been awarded a RM3 billion extension to its on-going contract with Petronas Carigali Sdn Bhd (PCSB).

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

"This extension to our contract with Petronas Carigali is a significant win for us and reflects our ability to deliver quality work on a continuous basis. We greatly appreciate the confidence and trust placed in us by our clients which makes us even more committed to developing our resources and assets for the provision of conventional and deepwater oil and gas services here and around the region," said Datuk Shahril Shamsuddin, Executive Vice-Chairman, SapuraCrest Petroleum Berhad.

Expected to be completed by the first quarter of 2010, the contract extension covers PCSB's fields offshore Terengganu and Sabah and Sarawak which include the Angsi, Samarang, Sumandak, Bekok and Bertam fields.

The works would require the installation of subsea pipelines and the transportation and installation of drilling, production and wellhead platforms. The contract also provides cost and risk sharing arrangements to minimize the impact of unforeseen challenges like bad weather on both SapuraCrest and PCSB.