KUALA LUMPUR (April 29): Sapura Energy Bhd has landed a five-year contract from PTTEP Sabah Oil Ltd and PTTEP Sarawak Oil Ltd to provide underwater services.

The value of the contract was not disclosed, as the job is on a call-out basis — meaning it is an agreement where a buyer can request services from a supplier as needed, at agreed rates over the stipulated contract period.

Expiring on Feb 20, 2029, the scope of work includes the provision of a diving support vessel, air and saturation diving systems, remotely operated vehicles, and other related underwater services for PTTEP Sabah’s Package B1 and PTTEP Sarawak’s Package C1 in Sabah and Sarawak waters.

PTTEP Sabah and PTTEP Sarawak are subsidiaries of Thailand’s national petroleum exploration and production company, PTT Exploration and Production Public Company Ltd (PTTEP).

Sapura Energy has also bagged a similar call-out contract on April 4 from Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd to provide underwater services. The contract will expire on Jan 30, 2029.

The Practice Note 17 (PN17) group recently made headlines as it announced the sale of its remaining 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$705.2 million (RM3.37 billion).

For the financial year ended Jan 31, 2024 (FY2024), the group saw its net loss narrow to RM508.66 million from RM3.16 billion for FY2023, despite lower revenue, due to lower provision for impairment. Revenue declined 6.5% to RM4.26 billion from RM4.55 billion due to lower contributions from its engineering and construction, and drilling business segments.

At Monday’s market close, Sapura Energy's share price was unchanged at 4.5 sen, valuing the group at RM744.23 million.

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