Tuesday, 1 May 2012

Ramunia seeks more jobs from Petronas, other contractors

Ramunia Holdings Bhd, which recently secured a letter of intent (LOI) for fabrication jobs worth RM150mil, is actively looking to secure more jobs from Petronas as well as other major contractors.

A PN17 company, Ramunia is looking to beef up its order-book with major offshore fabrication works and other oil and gas activities as part of its regularisation plan.

In its circular to shareholders yesterday, the company said that its wholly-owned subsidiary, Ramunia Fabricators Sdn Bhd (RFSB), was one of seven licensed major fabricators in an industry closely overseen by national oil company Petronas.

“The company is currently actively bidding for jobs from Petronas as well as other oil majors and contractors in Malaysia and regionally to re-establish itself as a key player in the oil and gas industry,” Ramunia said.

On March 13, the company said it had been awarded a RM23.62mil contract by Aquaterra Energy Ltd for the fabrication of well-head support structures for the West Desaru project. The structures comprise two subsea structures and one topside structure with a boat landing facility.

In January last year, the company announced the proposed acquisition of Pulau Indah Integrated Fabrication Yard for RM83.8mil.

“The Pulau Indah Yard will provide the company with a strategic location to carry out fabrication activities to support Petronas and other oil majors covering both west and east Malaysia,” Ramunia said.

Ramunia recently confirmed reports that it had received an LOI from Sarawak Shell Bhd for two contracts on the fabrication of two sub-structures and two topsides for about RM150mil.

Bursa Malaysia on Jan 19 approved the regularisation plan, which was submitted by AmInvestment Bank Bhd on July 13, 2011.

In May last year, Ramunia told Bursa that its regularisation plan would comprise capital reconstruction, where it would cancel 25 sen from the par value of the existing ordinary share of 50 sen each, and the credit would be used to offset its accumulated losses.

Ramunia also proposed a renounceable two-for-five rights issue of up to 391.44 million new shares at an indicative issue price of 40 sen each.

The proposed rights issue could finance the acquisition of Pulau Indah Yard from Oilfab Sdn Bhd without incurring further interest costs.

The exercise is expected to raise gross proceeds of up to RM156.6mil