Sea Discovery

Malaysia: SapuraCrest Orders Two 550 Ton Pipelay Support Vessels

Image: SapuraCrest The Board of Directors of SapuraCrest Petroleum Berhad announces that its wholly-owned subsidiaries, TL Offshore PLSV1 Ltd and TL Offshore PLSV2 Ltd , has each entered into a contract with IHC Offshore and Marine B.V, for the construction of two units of 550 ton pipelay support vessels, at a fixed lump sum price. The two Contracts are both dated 11 January 2012. The Builder’s scope of work under the contracts includes the provision and completion of basic design, detailed engineering, procurement, fabrication, construction, testing, commissioning, sea trials and successful delivery of the Vessels.

Vessel 1 and Vessel 2 will be completed and delivered to PLSV1 and PLSV2 within 30 months (30 May 2014) and 33 months (29 Aug 2014) respectively from 30 November 2011. The construction and purchase of the Vessels under the Contracts will enable PLSV1 and PLSV2 to capitalize on the positive outlook in the installation of pipelines and facilities (IPF) segment in the oil and gas industry, specifically in Brazilian waters, pursuant to Petróleo Brasileiro S.A contracts for charter and operation of Pipe Laying Support Vessels which was earlier awarded to the Company, via the Company’s wholly owned subsidiary, TL Offshore Sdn Bhd. With the deployment of these Vessels, we will be able to enhance our market share by growing the revenue stream within our existing core business. After delivery, the Vessels will be slotted to perform the services under the Petrobras Contracts. The construction and purchase of the Vessels under the Contracts will be funded by internally generated funds and bank borrowings.

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