Sapura Energy, a Malaysian offshore services provider, announced multiple new contracts worth RM3.2 billion ($723 million) for its drilling business, according to the company's release.
Sapura Drilling, the company’s drilling arm, won two contracts from PTTEP Energy Development Limited (PTTEP) for its barge-type tender assist drilling rigs, Sapura T-17 and Sapura T-18, each with a five-year firm period and an optional three-year extension, starting in the second quarter of fiscal year 2026.
Additionally, Sapura Drilling secured a contract extension from Cabinda Gulf Oil Company Limited (CABGOC), a subsidiary of Chevron, for the 2011-built tender assist rig Sapura Jaya, effective from November 2024 and continuing until November 2025.
The contracts reinforce Sapura Drilling’s position as Southeast Asia’s leading tender assist drilling contractor, operating a fleet of five semi-tender rigs and six tender barge rigs, representing the region’s largest rig count and market share.
The contracts boost Sapura Energy’s order book to RM8.7 billion, while its joint ventures’ order book stands at RM5.7 billion.
The PTTEP contracts target offshore drilling in Thailand and Malaysia, supporting PTTEP’s 2024 output of 420,000 barrels of oil equivalent per day (boe/d), aiming for 450,000 boe/d by 2026, per PTTEP’s February 2025 outlook. The Cabinda Gulf Oil extension enhances Chevron’s Angola operations, producing 80,000 bpd in Block 0, with plans to maintain output through 2025.
Sapura’s drilling segment, facing a 2020 debt restructuring, reported a 57% revenue increase to RM7.7 billion ($2 billion) and a 43% net profit rise to RM916 million ($249.3 million) in 2024, with plans to double rig utilization from eight to 11 by fiscal year 2026.