The research house is keeping its “Hold” recommendations for Petronas Gas andDialog Group.
There are three consortiums involving SapuraKencana and MMHE competing for Kasawari front-end engineering and design (FEED) tender, which involves a turnkey contract for Petronas Kasawari natural gas development in Sarawak.
“This huge project involves a 30,000-tonne 8-legged central processing platform (CPP), which has topsides weighing 19,000 tonnes, a 9-slot wellhead platform, a bridge link, a flare tower, and an over 7,000 tonne central collection platform,”it said.
Petronas has bid out the CPP as some projects had sparked speculation of a similar approach for the Kasawari tender.
The winner of this tender would secure an engineering, procurement, construction and commissioning (EPCIC) contract planned to be awarded in late 2015 or early 2016.
The winner of the Kasawari FEED tender will also secure an engineering, procurement, construction and commissioning (EPCIC) contract, scheduled to be awarded in late 2015 or early 2016.
The research house believes that most likely the joint venture between Technip and MMHE would secure this project.
There are various EOR projects in the pipeline involving other CPP projects such as Bardegg2-Baronia, Sepat and Guntong fields.
“Together with the construction of the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor, we expect the upward re-rating cycle for the sector to remain intact,”it said.