SapuraKencana Petroleum Berhad informed that its wholly-owned subsidiary company, Kencana HL Sdn Bhd, has been awarded a contract by Oil and Natural Gas Corporation (ONGC) for the Mumbai High South Redevelopment Phase III Project on a turnkey basis.
The Scope of work includes but not limited to surveys, design, engineering, procurement, fabrication, transport and installation, hook-up, and commissioning of three new Well Head platforms, around 116 kilometres of submarine pipelines, around 7.5 kilometres of submarine cable, modification works on existing platforms including clamp-on works on two platforms, subsea repair works on three jackets and D1C pile remedial works.
The Contract value is approximately USD 273 million including taxes and duties, and excluding the service tax in India. The contract agreement was signed by both parties and executed on June 27, 2015 at Mumbai, India. The overall project completion is scheduled on April 30, 2017.
According to SapuraKencana, the award will have no effect in the issued paid-up capital of the company and is expected to contribute positively towards the earnings and net assets per share of the Group for the financial years ending January 31, 2016 and January 31, 2017.