Sapura Energy’s shares rises on Qatar contract news

by BERNAMA / pic credit: sapuraenergy.com

SAPURA Energy Bhd’s shares on Bursa Malaysia rose in the early morning trading session today on news that the group has bagged its third major Middle East contract in Qatar.

As at 9.55 am today, the  counter increased one sen to 12.5 sen, with 79.85 million shares changing hands.

On Monday, the group announced that its wholly-owned subsidiary, Sapura Fabrication Sdn Bhd has bagged a contract from Total E&P Golfe Ltd to provide engineering, procurement, supply, construction, installation and pre-commissioning of pipelines connecting three platforms in Qatar’s Al-Khalij Field, Block 6.

The pipeline project is part of several contracts recently won by Sapura Energy’s Engineering and Construction (E&C) and Drilling divisions, with a combined value of approximately RM611 million.

“The new wins demonstrate Sapura Energy’s resilience in a challenging environment, progressing the company’s strategy of leveraging its agility and assets to expand international reach,” the company said in a filing with Bursa Malaysia yesterday.