By Zaidi Isham Ismail
[email protected]
May 31 2006
OIL and gas service provider Saag Consolidated (M) Bhd has clinched a US$50 million contract from Russia’s Sakhalin Energy Investment Co Ltd.
Under the contract, Saag will be part of an exploration team assisting Sakhalin Energy, with the aim of stepping up crude oil production.
Sakhalin Energy is a Royal Dutch Shell plc-led consortium, of which the Anglo-Dutch oil giant takes up a 50 per cent interest in the Western Siberian oil field off Japan.
Russia is the world’s fifth largest oil producer.
Saag executive director Anand Subramaniam said the contract took effect May 18 2006 and will last for the next 24 to 30 months.
“We have already sent 35 people there and the project will be undertaken by our 51 per cent subsidiary Australia-based Proteus Global Solutions Pty Ltd,” Anand told Business Times.
The second board-listed Saag posted a net profit of RM3.1 million in its first quarter ended March 31 2006, from RM206,000 in the same period a year ago.
Revenue was RM47.4 million, up 41 per cent from RM33.6 million previously.
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