SapuraCrest JV lands US$160m Aussie job

SapuraCrest Petroleum Bhd and its joint-venture (JV) partner have landed a US$160 million (RM504 million) contract from PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEPAAA) for the provision of offshore transportation and construction activities for PTTEPAAA’s Montara development in Australia.

The Montara project is located in the southern Timor Sea approximately 650km west of Darwin.

SapuraCrest informed Bursa Malaysia yesterday that SapuraAcergy Sdn Bhd (SASB), a joint-venture company it equally owns with Acergy SA, had received a letter of award for the contract on Nov 25.

It said the contract would require the engineering, procurement, load out, transportation and construction activities for the removal and disposal of the existing topside and transportation and installation of new pipelines, risers, umbilicals, spools, manifolds, mooring systems and a replacement topside, all of which to be undertaken at PTTEPAAA’s Montara development.

“Engineering and project preparations will commence immediately and subject to finalisation of schedules. Works are expected to be executed in 2011 using the Sapura 3000, SASB’s versatile state-of-the art dynamic positioning heavy lift and pipelay vessel.

“This project award reiterates the recognition of SASB’s capability to offer competitive solutions for both conventional and deepwater projects within the Asia-Pacific region,” SapuraCrest said.

SapuraCrest said the contract would contribute positively to its earnings for FY ending Jan 31, 2011 and the financial periods thereafter in the duration of the contract.

This article appeared in The Edge Financial Daily, December 1, 2010.