Kencana 2011 vis - SapuraKencana Petroleum
Kencana 2011 vis - SapuraKencana Petroleum
Kencana 2011 vis - SapuraKencana Petroleum
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Group Chief Executive Officer’s Review (continued)<br />
International<br />
Footprint Expanded<br />
We have been steadily making<br />
inroads abroad and FY<strong>2011</strong> saw<br />
us further expand our international<br />
footprint. Our first contract in Iraq –<br />
a RM45 million contract for the<br />
construction of 18 skid modules<br />
for the Garaf oil field – marked our<br />
maiden foray into this market and<br />
the Middle East. We also secured<br />
a contract in Australia to fabricate<br />
components for the Gorgon LNG<br />
plant which will create fabrication<br />
support opportunities for offshore<br />
and onshore facilities. Closer to<br />
home in ASEAN, we secured a<br />
RM100 million contract in Brunei<br />
from Brunei Shell for the fabrication<br />
of two compression modules for<br />
28 <strong>Kencana</strong> <strong>Petroleum</strong><br />
the Ampa 9 – Brunei Water project.<br />
We made further progress in<br />
Vietnam, when we secured a subsea<br />
services contract from Petrovietnam<br />
Gas Services Company valued at<br />
approximately RM75 million to locate<br />
and repair severe metal loss<br />
features of the 16 inch Bach Ho to<br />
Long Hai Pipeline and 18 inch PM3<br />
to Ca Mau Offshore Gas Pipeline.<br />
We are constantly exploring<br />
opportunities in ASEAN and expect<br />
the regional oil and gas sector to<br />
remain bullish. In line with this,<br />
we plan to open representative<br />
offices in neighbouring countries<br />
by the middle of 2012. A domestic<br />
presence in these markets will<br />
afford us a better understanding<br />
of the intricacies of these markets.<br />
We will also explore the possibility<br />
of forming joint ventures or<br />
alliances with local and international<br />
companies in the markets we<br />
venture into. We have steadily built<br />
up our reputation as a reliable and<br />
professional fabricator and we are<br />
now the contractor of first choice<br />
by many clients.<br />
ORDER BOOK STRENGTHENED<br />
We continued to aggressively<br />
pursue new projects over the<br />
course of FY<strong>2011</strong> which resulted<br />
in our order book balance increasing<br />
from RM1.8 billion at the start of<br />
FY<strong>2011</strong> to RM2.2 billion at the end<br />
of FY<strong>2011</strong>. The year saw several<br />
projects making notable<br />
Some sizable<br />
fabrication contracts<br />
included the RM272<br />
million fabrication works<br />
contract for a central<br />
processing platform<br />
with living quarters for<br />
Newfield Malaysia.
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