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Newfield Exploration : SapuraKencana's Q1 net rises fivefold

06/19/2014 | 10:24pm US/Eastern

KUALA LUMPUR: Oil and gas services company SapuraKencana Petroleum Bhd's net profit rose fivefold to more than RM500 million in the first quarter, fuelled by contributions from its newly- acquired tender rig business from Norway's Seadrill and assets from United States' firm Newfield Exploration.

Group net profit stood at RM509.42 million in the three months to April 30 2014, up from RM93.67 million in the same period a year earlier, SapuraKencana said in a filing to Bursa Malaysia yesterday.

Group revenue nearly doubled to RM2.44 billion from RM1.62 billion a year ago.

SapuraKencana expects earnings to rise for the full year on the back of full contributions from the tender rig business. Additional contributions will also come from the Malaysian oil and gas fields it took over from Newfield, a deal that it completed on February 11 this year.

SapuraKencana has a healthy order book of RM27 billion that will keep it busy until 2024.

A 1.35 sen interim dividend and a special dividend of one sen have been declared.

In another filing to Bursa, SapuraKencana said it had won USD415 million (RM1.3 billion) in engineering, procurement, construction, installation and commissioning contracts in Malaysia and Thailand.

Its wholly-owned unit in Malaysia secured the two contracts from Hess Exploration and Production Malaysia B.V. and Carigali-PTTEPI Operating Co Sdn Bhd.

Its shares rose 5 sen to RM4.33 at the close of trading yesterday.

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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