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Sapura Energy Consortium bags RM3b EPCIC contract from ONGC India

TheEdge Thu, Dec 06, 2018 - 5 months ago

KUALA LUMPUR (Dec 6): A consortium in which Sapura Energy holds a 48.33% stake via its wholly-owned subsidiary Sapura Fabrication Sdn Bhd, has been awarded a contract valued at approximately RM3 billion by Oil and Natural Gas Corp (ONGC) in India.

Sapura Fabrication’s 48.33% shareholding translates into approximately RM1.47 billion in contract value for Sapura Energy, the group said in a statement today.

The other members of the consortium are Afcons Infrastructure Ltd, the construction arm of Indian engineering and construction conglomerate Shapoorji Pallonji Group.

Sapura Energy said the consortium will be undertaking Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) works for a Central Processing Platform and Living Quarters for the KG-DWN 98/2 NELP block.

The block, located offshore the Godavari Delta on the east coast of India, covers an area of approximately 7,295 kilometres of the Krishna-Godavari basin with water depth ranging between 300 metres to 3,200 metres.

The works are expected to be completed by January 2021.

Sapura Energy said the project is an opportunity for the group to participate in a key development for ONGC, leveraging on the company’s established deepwater knowledge and capabilities.

At noon market break, Sapura Energy shares were up 0.5 sen (1.5%) to 34 sen.

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