der | Publish date: Tue, 14 Jul 2015, 12:05 PM
SapuraKencana Petroleum ("SAKP") announced that the group has been awarded with a lump sum contract by Oil and Natural Gas Corporation Limited ("ONGC") for the Mumbai High South Redevelopment Phase III Project on a turnkey basis. The scope of work includes survey, design, engineering, procurement, fabrication, transport and installation, hook-up, and commissioning of three new well head platforms, around 116km of submarine pipelines, around 7.5km of submarine cable, and repair / modification works on existing platforms. The contract value is approximately US$273m, to be completed on 30th April 2017. (Source: Bursa Malaysia)
Comments: We are positive on the ONGC contract win – it is a good assurance that SAKP is capable of securing international works despite lower global oil & gas capex. Including this ONGC contract, SAKP has secured a total of US$542m (RM2.1bn) new contracts this year, on track to achieve our FY16 contract wins assumption of RM4bn. We maintain our earnings forecast, HOLD rating and TP of RM2.30 based on 12x 2016E PE.
Source: Affin Hwang Capital Research - 14 Jul 2015
Comments: We are positive on the ONGC contract win – it is a good assurance that SAKP is capable of securing international works despite lower global oil & gas capex. Including this ONGC contract, SAKP has secured a total of US$542m (RM2.1bn) new contracts this year, on track to achieve our FY16 contract wins assumption of RM4bn. We maintain our earnings forecast, HOLD rating and TP of RM2.30 based on 12x 2016E PE.
Source: Affin Hwang Capital Research - 14 Jul 2015
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