Announcements


Date: 24 May 2012

General Announcement

Type
:
 Announcement



Subject
:
OTHERS

Description
:
JOINT CONTRACT FOR INTEGRATED TRANSPORTATION & INSTALLATION OF OFFSHORE FACILITIES FOR YEARS 2010 TO 2012 ("the Contract ) – EXTENSION FOR ONE YEAR (2013)

Announcement Details/Table Section :


Reference is made to the announcement dated 24 December 2009 made by SapuraCrest Petroleum Berhad in relation to the Contract ("Announcement"). Unless otherwise stated, all abbreviations used herein shall have the same meanings as those mentioned in the Announcement.

The Board of Directors of SapuraKencana Petroleum Berhad ("Company") is pleased to announce that TLO, a wholly owned subsidiary of the Company, has on 21 May 2012 received confirmation from Petroliam Nasional Berhad ("PETRONAS") that PETRONAS has exercised its option to extend the Contract for one year (2013) effective from the expiry of the current contract primary term. The extension will be as per the provision stipulated in the contract and revised terms that have been agreed prior to the confirmation of this extension.  

 

The value of the expected scope of Works for year 2013 is approximately RM1.3 billion.

The formalisation of the Contract extension will be done by the respective PSCs accordingly.

The extension of the Contract will have no effect on the issued and paid-up capital of the Company and is expected to contribute positively to the Group's earnings and net tangible assets for the financial year ending 31 January 2014.

None of the Directors or Substantial Shareholders of the Company or persons connected with them has any direct or indirect interest in the award of the Contract.  


This announcement is dated 24 May 2012.





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