Offshore staff
(Asia-Pacific) - Malaysia's SapuraCrest Petroleum Bhd has secured a $72.75 million contract for the "26 Well Platform Project" involving the revamping, replacement, removal, and refurbishing of 26 platforms in Mumbai High North, Mumbai High South, and Heera from India's Oil and Natural Gas Corp. (ONGC).
SapuraCrest said its wholly owned subsidiary, Sarku Engineering Services Sdn Bhd, is expected to begin work shortly on the project and is scheduled to complete it by April 30, 2007.
"This award demonstrates a recognition of our capabilities in the region, and we are very pleased to be starting 2006 on a strong note with a contract of this magnitude in the thriving oil and gas sector of India," says SapuraCrest's Executive Vice-Chairman Shahril Shamsuddin.
The award is in line with SapuraCrest's strategy to expand into regional markets such as India, Australia and China.
SapuraCrest aims to double its overseas earnings to 30% within the next two financial years from the current 15%, Shahril adds.
The Indian contract has boosted SapuraCrest's order to more than $532 million.
SapuraCrest recently invested in technologies such as ROVs and $150 million dynamically positioned heavy lift derrick pile lay combination vessel to enhance its deepwater capabilities.
01/06/06
