The Board of Directors of Kencana Petroleum Berhad (“Kencana Petroleum” or “the Company”) is pleased to announce that its wholly owned subsidiary, Kencana HL Sdn. Bhd. (“KHL”) has secured a contract from Petrofac E & C Sdn. Bhd. (“Petrofac”) for the Mobile Offshore Production Unit (“MOPU”) and Wellhead Support Structure (“WHSS”) for Sepat Early Production System (“Contract’).
Under the Contract, KHL is to undertake the engineering, procurement, construction and commissioning (“EPCC”) of MOPU and WHSS for Sepat Early Production System off the coast of Terengganu. The total value of the Contract is estimated at RM115 million. It is a one-off EPCC contract and is expected to be delivered to the ultimate client, Petronas Carigali Sdn. Bhd. within the third quarter of calendar year 2011.
The Contract is expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending 31 July 2011 and 2012.
Source:Kencana, March 1, 2011;