Sapurakencana Petroleum Post FY 2015 Results

SapuraKencana Petroleum Berhad has reported a revenue increase of 19% having achieved a total of RM 9.9 billion for the year 2015. Profits before tax was RM 1.6 billion, an increase of 34% compared to FY2014. The profit after tax was RM 1.4 billion, an increase of 32% compared to FY2014 and earnings per share of 23.9 sen for FY2015

Tan Sri Dato' Seri Shahril Shamsuddin, President and Group CEO commented, “The Group has generated revenues of RM 9.9 billion and profits before tax of RM 1.6 billion for FY2015 as compared to RM 8.4 billion and RM 1.2 billion respectively for FY2014.

Correspondingly, the Group’s earnings per share rose 27% from 18.9 sen to 23.9 sen per share in that same period.

In FY2015, the Drilling division secured a total of 14 opportunities worldwide, comprising of 5 new contracts and 9 contract extensions – adding approximately RM 5.1 billion to the Group’s order book. This year, we took delivery of two new tender barges, expanded operations in West Africa and completed two contracts in Myanmar.

Offshore Construction and Subsea Services division took delivery of the Sapura Diamante and Sapura Topazio and marked the start of our operations in Brazil. Both Brazilian PLSVs were delivered ahead of schedule and currently operating at more than 99% utilisation. In addition, we also took delivery of SK 1200 and SK 3500 which have successfully completed their maiden projects in China and Thailand.

The Fabrication, Hook-up and Commissioning division successfully completed key projects including the fabrication of TTM EVA platform, the commissioning and hookup of the Kebabangan platform and the completion of brownfield works for Samarang Phase 2. This year saw the start of brownfield works in the Tapis EOR project for ExxonMobil. In total, we won contracts to build 11 offshore structures this year totaling RM 2.17 billion in value. The most recent projects include EPCC of Baronia & Tukau WHPs for Petronas Carigali and Phase 3 Brownfield work for CPOC.

The Energy division produced 5.1 mmboe from our Peninsula Malaysia fields. We had a 100% exploration success rate with 5 significant gas discoveries in SK408 totaling more than 3TCF of gas. We also signed two new exploration blocks in Sabah (SB331 & SB332) and signed a USD400 million acquisition of 3 Production Sharing Contracts in Vietnam with Petronas Carigali. These additions position us well for future growth through expansion to new markets.

Going forward, we expect the market to remain challenging due to volatility in oil prices. However, we have operated and thrived in challenging markets. We are confident with our continued focus on operational effectiveness, cost optimization and our aggressive drive to win new businesses worldwide.