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March 18, 2009

Acergy-SapuraCrest J-V in $825m offshore job in Malaysia
Offshore services group Acergy SA said its joint venture with Malaysian group SapuraCrest Petroleum Bhd 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 was quoted by Reuters as saying in a statement.

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 pipe-laying vessel 'Sapura 3000' on water depths of 1,200 metres offshore Malaysia, Acergy said.



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