• Most Popular
  • Most Shared

UPDATE 1-Acergy, SapuraCrest win $825 mln Malaysia job

Tue Mar 17, 2009 5:36am EDT

Stocks

   

* SapuraAcergy JV wins Gumusut-Kakap field contract

* Installation work offshore Malaysia to commence in 2010

* Acergy shares rise 6.9 percent

(Adds details, shares, analyst estimate)

OSLO, March 17 (Reuters) - Offshore services group Acergy SA (ACY.OL) said its joint venture with Malaysian group SapuraCrest Petroleum Bhd (SCRS.KL) had won a contract worth around $825 million for development of the deepwater offshore Gumusut-Kakap field for operator Royal Dutch Shell (RDSa.L).

"Engineering will commence with immediate effect, with offshore installation scheduled to commence in 2010," Acergy said in a statement.

Acergy shares rose 6.9 percent at 0929 GMT against a 0.4 percent rise on the Oslo bourse main index .OSEBX.

Acergy said the primary contract had been awarded to TL Offshore Sdn Bhd, a subsidiary of its partner SapuraCrest.

Analyst Paal Dahl at First Securities said he estimated Acergy's profit share of the contract at $75 to $80 million until 2011.

The 50/50 owned joint venture SapuraAcergy Sdn Bhd's scope under the contract involves engineering, procurement, transportation and installation, employing heavy lift and pipelay vessel 'Sapura 3000' on water depths of 1,200 metres offshore Malaysia, Acergy said. (Reporting by Richard Solem and Ole Petter Skonnord; Editing by Jon Loades-Carter)



More from Reuters

A male polar bear cannabalizes a polar bear cub in an area about 300km (186 miles) north of the Canadian town of Churchill November 20, 2009. Credit: REUTERS/Iain D. Williams

Polar bear turns cannibal

As the world focuses on climate change in Copenhagen, the animal that has come to represent global warming is turning cannibalistic as the Arctic ice melts their hunting grounds, a U.S.-led global scientific study said.  Slideshow | Full Article 

    Climate Conference
    Emmanuel Roy, a suspect in a mortgage-fraud scheme is escorted by FBI agents after being taken into custody in New York, October 15, 2009. REUTERS/Brendan McDermid

    Sowing seeds of corruption

    Corruption, whether it's crooked officials, financial fraudsters or philandering sports stars, is the country's No. 1 criminal threat, says the FBI.  Full Article 

    Corporate Crime
    Space shuttle Atlantis lifts off from launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida November 16, 2009. Atlantis lifted off its seaside launch pad on Monday, loaded with spare parts to keep the International Space Station flying after the shuttles are retired next year. REUTERS/Scott Audette

    Can Florida re-launch itself?

    The sunshine state's space program is a boon for local businesses, especially when a shuttle takes off. But what happens when the 29-year old program comes to a close next year?  Full Article 

    U.S.