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SapuraKencana targetting $3bn in new orders this year

SapuraKencana targetting $3bn in new orders this year
SapuraKencana Petroleum is aiming to secure MYR10bn ($3.1bn) worth of orders this year to ensure orderbook visibility in the next three to four years, local reports said. The offshore services player has secured several contracts worth a combined MYR4.9bn so far this year.

President and group ceo Shahril Shamsuddin said the target will help the company sustain its order book at the current level of MYR27bn in the long term. “Our current orderbook right
now stands at MYR27bn plus MYR19bn worth of optional contracts extension. We will continue to explore new markets to bid for more contracts,” he said.

The company is bullish on its outlook based on its potential to tap the vast opportunities in the oil and gas services sector in new and existing markets, including the Americas, West Africa, the Middle East and Southeast Asia, he added.

Shahril said these markets offer potential contracts worth $200bn, $70bn, $40bn and $38bn, respectively, based on their total capital expenditure.

“The outlook is going to be in line with what we plan... we have the opportunities to open some new markets. In fact, we’ve already got some new jobs for our new builds of DP3 pipelay vessels, which are working in areas we didn’t work before like in China."

Shahril said the company has an average utilisation rate of 85% and that this will firm up as activities increase in the coming years.