Home » latest

Kenanga upbeat on SapuraCrest Petroleum

Published: 2009/12/28

PDF

CURRENCY CONVERTER

LARGER TYPE

SMALLER TYPE

TOOLS

SapuraCrest Petroleum Bhd, a Malaysian oil and gas services provider, climbed the most in more than two weeks in Kuala Lumpur trading after getting a contract to install offshore oil and gas facilities for 11 production sharing contractors of Petroliam Nasional Bhd.

The stock added 3.9 per cent to RM2.39 at noon Malaysian time, set for its highest increase since Aug 2.

Meanwhile, Kenanga Research is upbeat over SapuraCrest Petroleum Bhd's prospects, given its ability to secure more contracts.

"We await their 3QFY10 result announcement later this week, which could surprise on the upside," it said in a note today.

SapuraCrest's order book currently stands at RM8.5 billion after its subsidiary, TL Offshore, secured four out of five packages in the Petronas umbrella tender.

The 2010-2012 tender is expected to keep them busy for the next two years.

"The contract could be worth more as, extrapolating the RM1.5 billion, the 2010 project value implies a total contract of RM4.5 billion.

"For now, we keep our expectations status quo. But, we will not be surprised should the total contract worth exceed the RM3 billion mark," it added. - BERNAMA, Bloomberg

SIX-DAY NEWS
Mon	Tue	Wed	Thurs	Fri	Sat

Search»
	\|\|