Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
SapuraCrest Petroleum Bhd's current gross order book is expected to rise by nine per cent to RM9.3 billion following the award of a contract in Gorgon natural gas project, off Western Australia, by Subsea 7 SA.
In a report today, AmResearch said Subsea 7, which recently secured a US$440
million (US$1=RM2.97) construction contract in the area, planned to use the
derrick-pipelay vessel, Sapura3000, owned by SapuraAcergy SA, a 50-per cent
subsidiary of SapuraCrest, in 2013.
"Sapura3000 is expected to secure almost 60 per cent of Subsea 7's Gorgon
contract value," it said.
The research firm has reiterated its 'buy' call on SapuraCrest with an
unchanged fair value of RM5.44. -- Bernama
Company Name: SAPURACREST PETROLEUM BHD
| Research House: AMMB | Price Call: BUY | Target Price: 5.44 |
SapuraCrest Petroleum Bhd's current gross order book is expected to rise by nine per cent to RM9.3 billion following the award of a contract in Gorgon natural gas project, off Western Australia, by Subsea 7 SA.
In a report today, AmResearch said Subsea 7, which recently secured a US$440
million (US$1=RM2.97) construction contract in the area, planned to use the
derrick-pipelay vessel, Sapura3000, owned by SapuraAcergy SA, a 50-per cent
subsidiary of SapuraCrest, in 2013.
"Sapura3000 is expected to secure almost 60 per cent of Subsea 7's Gorgon
contract value," it said.
The research firm has reiterated its 'buy' call on SapuraCrest with an
unchanged fair value of RM5.44. -- Bernama
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