Carigali Hess Contract Boosts SapuraKencana Orderbook

SapuraKencana Petroleum Bhd (SapuraKencana) RM62 million contract win for the provision of subsea inspection services for Carigali-Hess Facilities from Carigali-Hess Operating Company Sdn Bhd via its wholly-owned unit Allied Marine and Equipment Sdn Bhd (AME) has been met with approval from analysts as the contract has ensured that the group’s orderbook remains strong.

 

In an announcement to Bursa Malaysia last week, SapuraKencana stated that the contract includes the inspection of Carigali Hess jackets, pipelines and floating storage and offloading vessel (FSO).

 

AME will also provide diving equipment, remotely operated vehicle (ROV), support vessel, personnel and inspecting/recording equipment as well as tools and spares required to perform the services and other work.

 

According to Aaron Tan Wei Min from the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research), SapuraKencana’s orderbook remains strong at US$7.7 billion (approximately RM25 billion), with the tenderbook value being almost similar to the current orderbook.

 

Moving forward, he noted that SapuraKencana will be focusing more on the drilling equipment set (DES) and offshore construction and subsea services (OCSS) segments where margins are significantly higher and more value-added activities can be undertaken.

 

“In addition, the group is also looking at east two more Risk Service Contracts from Petroliam Nasional Bhd (Petronas).

 

“Channel checks indicated that the awards are likely to be announced in the first quarter of the current year 2014 (1Q14),” Tan added.

 

Overall, MIDF Research is bullish on SapuraKencana and thus maintained its ‘buy’ recommendation on the stock at a target price of RM4.86 per share, on the back of a forward price earnings ratio 15 (PER15) of 20-fold and earnings per share 2015 (EPS15) of 24.3sen.

 

“We like SapuraKencana for its integrated oil and gas business model, consistently strong orderbook replenishment (burn rate of three years) and its status as a strong beneficiary of Petronas’ strong capital expenditure (capex) spending for the next few years,” Tan explained.

Source: Borneo Post

WELL SERVICES SUPERVISOR

Location: Malaysia

Posted By: Carigali Hess

Date Posted: 11 Jan 2013

Expiry Date: 10 Feb 2013



Job Description

We are a joint-venture company between PC JDA Ltd. and Hess Oil Company of Thailand Ltd. Co.,

engaged in gas production in Block A-18 of the Joint Development Area administered by the Malaysian-Thailand Joint Authority (MTJA). The block is located approximately 150 km NE of Kota Bharu in approximately 60m of water. The facilities include central gas processing facilities at Cakerawala Production platform, a riser platform, a bridge-linked wellhead platform and a number of remote wellhead platforms (WHPs).

Carigali Hess is in the early stage of project development to install a BOOSTER COMPRESSION PLATFORM, to be bridge-linked to the existing central processing facilities to help improve gas reserve recovery for sustainable gas production, and is expected to be ready to operate in 2015. In addition to the BOOSTER COMPRESSION PLATFORM, Carigali Hess is currently progressing with the development of several WELLHEAD PLATFORMS that will contribute to the overall increase of our gas production.

Our long term projection sees a place for talented individuals committed to growth and development in a secure environment. If you’re suitably qualified, experienced and self motivated and seek opportunities in a development focused organization, we invite you to join us.

Well Services Supervisor (Offshore)

Completion, installation, Slickline and Electric line wireline, coiled tubing, well test and well clean-up operations, stimulation and pumping at the rig site to ensure that all Company objectives are delivered safely, cost effectively and without damage to the environment.

The position also holds responsibility for the preparation and testing of associated equipment onshore and its load out and demobilization from the rig site in a timely manner and in accordance with instruction from the shore based wells engineers.

Job Requirements:

Degree in Engineering or equivalent..

10 years experience of well service activities with 5 years offshore environment WS supervising experience.

Experience of sand control technology and operations is seen as advantageous.


apply here