THE BUZZ
Sapurakencana Petroleum (SKP) announced on Bursa Malaysia yesterday that SapuraAcergy SB, a joint-venture company it equally owns with UK-based Subsea 7 S.A, has been awarded a contract for the charter of a vessel, Sapura 3000, to Mexican firm Construcciones Maritimas Mexicanas S.A. de C.V.
OUR TAKE
More on the contract. The contract, which is valued at approximately USD45m (RM135m), comprises the provision of Sapura 3000 to undertake heavy lifts in the Gulf of Mexico region. The charter commenced on 18 Aug 2012. The contract duration is 125 days. Sapura 3000 is a deepwater heavy lift and pipelay vessel with a 3000 tonne lift capacity.
Positive news but no change to our FY13-14 forecasts. This is because we had earlier incorporated some orderbook replenishment of some RM4bn in FY13 for the merged entity into our forecasts. With the new contract in its orderbook, we forecast that the company’s orderbook has risen to some RM15.5bn to date.
Maintain BUY. Despite already having a strong orderbook, we think that there are still ample opportunities for SKP to further beef up its orderbook in the coming months, especially from Petronas, which should be ramping up its local exploration and production capex to temporarily substitute for the loss of production at its Sudan operation.
Source: OSK
No comments:
Post a Comment