KUALA LUMPUR (Jan 11): SAPURACREST PETROLEUM BHD []’s shares rose on Wednesday after its joint venture has secured a subsea CONSTRUCTION [] project worth RM315 million (US$100 million) offshore Vietnam.
At 9.40am, SapuraCrest added two sen to RM4.58 with 10,800 shares done.
SapuraCrest on Tuesday said that SapuraAcergy Sdn Bhd, which is 50:50 owned by SapuraCrest and Subsea 7 S.A. was awarded the contract, adding that the offshore work was expected to be performed in mid 2012.
RHB Research in a note Jan 11 said it was positive on the contract as it was in-line with Sapuracrest’s goal of enhancing its international revenue contribution.
“We maintain our fair value of RM4.50/share and Outperform call on the stock.
We foresee the company being a large formidable entity post its merger with Kencana expected to be completed by Feb-12,” it said.
At 9.40am, SapuraCrest added two sen to RM4.58 with 10,800 shares done.
SapuraCrest on Tuesday said that SapuraAcergy Sdn Bhd, which is 50:50 owned by SapuraCrest and Subsea 7 S.A. was awarded the contract, adding that the offshore work was expected to be performed in mid 2012.
RHB Research in a note Jan 11 said it was positive on the contract as it was in-line with Sapuracrest’s goal of enhancing its international revenue contribution.
“We maintain our fair value of RM4.50/share and Outperform call on the stock.
We foresee the company being a large formidable entity post its merger with Kencana expected to be completed by Feb-12,” it said.
