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Malaysia's SapuraKencana fourth quarter profit nearly triples
March 24, 2014 / 11:01 AM / 4 years ago

Malaysia's SapuraKencana fourth quarter profit nearly triples

KUALA LUMPUR, March 24 (Reuters) - Malaysian oil and gas services firm SapuraKencana Bhd said profits nearly tripled in the fourth quarter, driven by strong contributions from its newly-acquired tender rig business from Norway’s Seadrill last year.

The firm said in a statement that profits in three months to January 31 stood at 337.23 million ringgit ($101.93 million), against 123.89 million rinngit in the same period a year ago.

SapuraKencana said it expected future earnings to grow on the back of full year contributions from the tender rig business after the Malaysian firm completed the purchase from Seadrill in April 2013 for $2.9 billion.

It added that contributions would also come from the Malaysian oil and gas fields it took over from U.S energy firm Newfield Exploration last year.

The company said it had a healthy order book of 25.4 billion ringgit. ($1 = 3.3085 Malaysian Ringgit) (Reporting by Niluksi Koswanage)

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