Tuesday, November 1, 2011

SapuraCrest says secures US$1.4b Petrobras project

KUALA LUMPUR (Nov 1): SAPURACREST PETROLEUM BHD []'' says its unit TL Offshore Sdn Bhd has secured a US$1.4 billion contract from Petr''leo Brasileiro S.A. (Petrobras).

It said on Tuesday that TLO was awarded a contract to charter and operate three pipe laying support vessels for US$1.4 billion.

SapuraCrest said one of the vessels would be built in Brazil and the two others outside Brazil.

'Revenue from the award is expected to be generated by the fourth quarter of 2014. The award will have no effect on the issued and paid-up share capital of the company and is expected to contribute positively to the group's net assets and earnings for the financial year ending'' Jan 31, 2015 and beyond,' it said.

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