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       Sapura Energy's JVs win US1.8b worth of contracts in Brazil
        
 (HTM) Source
        
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       KUALA LUMPUR (May 7): Sapura Energy Bhd's joint venture companies
       (JVCos) have bagged contracts worth US$1.8 billion (RM8.53 billion) to
       provide engineering services and the charter of six pipe-laying
       support vessels.
        
       In a bourse filing on Tuesday, Sapura Energy said the contracts were
       awarded by Petroleo Brasileiro Sa (Petrobras) to JVCos of Sapura
       Energy and Paratus Energy Services Ltd.
        
       The scope of work includes the provision of subsea engineering,
       installation and other services, by using the pipe-laying support
       vessels in the Brazilian waters. The vessels shall perform all
       operations required, including the installation of flexible pipes,
       electric-hydraulic umbilical and power cables.
        
       The Practice Note 17 (PN17) group said the contracts are for three
       years and are expected to contribute positively to Sapura Energy's
       earnings for the financial year ending Jan 31, 2025 (FY2025) as well
       as subsequent years.
        
       Sapura Energy has recently obtained its second six-month extension
       till end May to submit its PN17 regularisation plan, following its
       first six-month extension to Nov 30, 2023.
        
       It fell into PN17 status in end-May 2022, when its shareholders'
       equity of RM85 million fell below 50% of its share capital of RM10.9
       billion.
        
       Sapura Energy's share price closed up 0.5 sen or 11.1% to five sen on
       Tuesday, bringing the group a market capitalisation of RM919 million.
        
        
        
        
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