Wednesday 11 January 2012

SapuraCrest up after JV company gets RM315m Vietnam offshore job

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.



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