His family-owned telecom, Sapura, was installing software-management systems at Kuala Lumpur airport, introducing pre-paid phone cards and rolling out a mobile-phone network. He thought he had it made, but that didn’t last long.
Friday, 28 February 2014
SapuraKencana Gushes Profits for Billionaire Shahril Shamsuddin
His family-owned telecom, Sapura, was installing software-management systems at Kuala Lumpur airport, introducing pre-paid phone cards and rolling out a mobile-phone network. He thought he had it made, but that didn’t last long.
SapuraKencana eyes US$7b deals
At the same time, the integrated oil and gas services provider expects to secure more business from overseas this year.
Sources: Petronas to Sell Vietnam Oilfields for USD300M
Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets.
The planned asset sale comes as Petronas taps into North America's shale boom and further develops Malaysian oil and gas fields.
The two sources did not give further details of the fields. They declined to be identified as they are not authorised to speak to the media.
Another source familiar with the deal said Bank of America Merrill Lynch had been appointed to find buyers for the stakes the company holds in the Vietnam oilfields.
Petronas, which reports fourth quarter earnings next week, could not be immediately reached, for comment while a Bank of America Merrill Lynch spokesman declined to comment.
Earlier this month, Petronas picked up a half share of an offshore oilfield in Suriname for an undisclosed sum and signed a deal with Argentina's YPF to jointly develop the Vaca Muerta shale formation - one of the world's biggest known reserves of unconventional energy. - Reuters
OTC Asia to strengthen Malaysia's position as regional oil and gas hub
Wee, who is also a member of the OTC Asia advisory committee, said the conference, themed "Meeting Challenges for Asia's Growth", is timely as Asia is expected to be the centre for energy demand. Asian economies are expected to increase their capital expenditure in oil and gas exploration and production to meet domestic demand for energy resources.
He said upstream spending is expected to rise to US$323 billion (RM1.06 billion) in 2016 in the Asia Pacific region from US$238 billion in 2012, of which US$169 billion was for capital expenditure and US$69 billion operational expenditure.
Wee said the energy demand in Southeast Asia has expanded by two-and-a-half times since 1990, a rate of growth that is among the fastest in the world. He pointed out that the population in Asia is growing and more people are moving into the cities, which is leading to high energy demand.
The conference to be held from March 25 to 28 is expected to attract more than 10,000 engineers, technicians, executives, operators, scientists and managers from the offshore exploration and production industry from 61 countries.
Petron labur lebih AS$1 bilion naik taraf kilang penapisan
Pengerusi dan Ketua Pegawai Eksekutif Petron, Ramon S. Ang, yang juga Pengerusi Petron Malaysia, berkata syarikat itu menyasarkan untuk membina sekurang-kurangnya 30 lagi stesen tahun ini, selepas menyiapkan pembinaan 10 stesen dalam 2013.
UMW-OG secures US$10mil contract from PTTEP Yangon
The contract is for 11 firm wells with options for additional wells, and UMW Petrodrill is expected to start operations at Zawtika Field in Martaban Gulf by June.
Hibiscus strikes oil from second well in Oman
Hibiscus said it discovered hydrocarbons with good oil sample extracted in several formations of the Cambrian formation in Oman.
Matrix Capacity plans Malaysia's biggest shell company listing in H2 2014 -source
The share sale could mark the country's biggest-ever listing by a vehicle with no assets, set up to buy corporations that will be later folded into the business. The Matrix Capacity deal would dwarf those by similar firms like Sona Petroleum Bhd and Cliq Energy Bhd that raised between $100 million and $150 million each last year.
Sona may buy Indonesian oilfield for RM418mil
Sources claim that Sona Petroleum is looking to buy a 100% stake in a Sumatra oilfield which is producing 1,500 barrels of oil per day. The oilfield is also said to have the capability of ramping up production to 4,000 barrels a day.
Thursday, 27 February 2014
Ubah dasar bukan punca syarikat asing lari
Naib Presiden Eksekutif, Perniagaan Eksplorasi dan Pengeluaran Petronas, Datuk Wee Yiaw Hin berkata, bagaimanapun penyusutan dalam pelaburan oleh syarikat-syarikat PSC disebabkan mereka menutup operasi kerana mahu mengurangkan pegangan dan kepentingannya di rantau ini.
Beliau berkata, terdapat banyak syarikat-syarikat PSC asing yang matang telah menamatkan kontrak dan digantikan dengan syarikat-syarikat PSC baharu yang berpotensi.
"Pergerakan ekonomi yang perlahan turut menjadi faktor syarikat-syarikat asing PSC menarik diri daripada pelaburan di negara ini," katanya.
Beliau berkata demikian kepada pemberita selepas mengumumkan acara Persidangan Teknologi Luar Pesisir Pantai (OTC) Asia di sini hari ini.
Yang turut hadir pada majlis pengumuman itu ialah Pengarah Projek OTC Asia 2014, Cordella Wong-Gillet.
OTC Asia yang julung kali diadakan di Asia dijangka berlangsung selama empat hari di sini bermula 25 Mac ini.
Untung Pracukai WASCO Susut Kepada RM64.319 Juta
Syarikat itu berkata perolehan juga berkurangan kepada RM1.779 bilion berbanding RM1.951 bilion setahun yang lepas.
Oil majors still active in M'sia
“There are about 100 active production-sharing contracts (PSCs) in the country today from 70 or 80 in the past.
“The fact that Newfield is leaving does not change the number of PSCs that are active. They were basically farming out (their assets) to another party.
“Newfield made a business decision because of shareholder activism and to concentrate on their home business. It does not mean the PSCs are any less active.
“You will find that as oil fields mature, the players will change, and it is healthy to change,” he told reporters at the launch of Offshore Technology Conference Asia 2014 (OTC Asia) yesterday.
He added that any sale by foreign oil exploration companies in Malaysia was not prompted by any internal policy changes on Petronas’ part.
“If anything, we have embraced PSCs. That’s how we got to more than 30 PSC operators.
“We are also running out of what we call ‘white space’ to award to IOCs,” he said, referring to the management term for unexplored opportunities.
Gas Malaysia to provide 300,000 mmbtu yearly to customers
It would supply CNG by transporting virtual pipelines to its end users from a mother station at Gebeng, Pahang.
Chief executive officer Datuk Syed Faisal Albar said the initial cost to build the mother station was RMI5mil, which would enable it to supply CNG to industrial users within 150km to 200km, including those from Temerloh and Mentakab.
“The main reason to venture into the CNG distribution system is to serve areas that are not currently accessible by gas pipeline,” he told a press conference yesterday.
Last year, it supplied a total volume of 130 million mmbtu.
He also said the CNG business would create a new source of income in a year although the initial quantum might not be significant.
Meanwhile, the natural gas supplier has formed a 66:34 joint venture with Tokyo Gas Co Ltd’s unit, Energy Advance Co Ltd, to design, build, install, operate and/or maintain combined heat and power (CHP) systems for its clients.
Its chairman Datuk Hasni Harun, said it would be able to leverage on its long-term partnership with Tokyo Gas for the latter’s experience, expertise and network to grow the CHP business.
UMW Oil & Gas net profit hits RM51mil
UMW OG in its financial notes said the company’s drilling rig UMW Naga 2 continued to operate overseas with a more favourable time charter rate.
Gas Malaysia, Tokyo Gas' Energy Advance to power Malaysian industries
Gas Malaysia said on Monday the joint venture was in line with its plan to maintain its key position to be an innovative value added energy solution provider.
"The JV company will diversify the Gas Malaysia business from gas distribution to energy business," it said.
To recap, Energy Advance is a related party as it is linked to Tokyo Gas. Tokyo Gas is a related party in the JV as its subsidiary Tokyo Gas-Mitsui & Co Holdings Sdn Bhd owns 18.50% of Gas Malaysia.
In a separate statement, Gas Malaysia had inked a JV agreement with IEV Energy Sdn Bhd to undertake the compressed natural gas distribution system for areas that is not accessible by gas pipeline.
IEV Energy is a member of IEV Holdings limited, a public listed company on the Catalist Board of the Singapore Exchange.
The JV would be involved in the sale, supply and transportation of compressed natural gas to potential customers.
USD756M Malampaya rig going up in Subic
NEW MALAMPAYA PLATFORM which is fabricating the second platform for the Malampaya gas field off Palawan province. The platform will be installed in 2015 to help sustain production in Malampaya, which supplies natural gas to three power plants producing about half of Luzon’s power needs.
A platform of the Malampaya Deep Water Gas-to-Power Project off Palawan province is to be installed next year to maintain fuel supply to power plants providing about half of Luzon’s electricity needs. The platform, worth $756 million (P33.68 billion), is part of Phase 3 of the Malampaya project.
TH Heavy sells stake in Floatech
TH Heavy has sold a 20% stake in subsidiary Floatech for $13.13m to Globalmariner Offshore Services (GMOS).
Floatech is in the business of ownership and leasing of Floating, Production, Storage and Offloading (FPSO) vessels to upstream oil and gas companies.
GMOS is based in Malaysia also and is involved in the provision of consulting and management services specializing FPSOs and offshore marine services.
Wednesday, 26 February 2014
Carimin Petroleum plans Main Market listing
The offshore oil and gas services provider said in a draft prospectus filed with the Securities Commission that it was selling 28.47% of its enlarged share base of 233.88 million shares.
This consists of 60.7 million new shares and 5.89 million existing shares under an offer for sale to select investors.
Carimin, which holds a Petronas licence, plans to sell 11.69 million of the new shares to the public, three million to eligible directors and staff, and 46 million to identified investors.
M&A Securities Sdn Bhd is the sole adviser, underwriter and placement agent for the initial public offering (IPO).
Carimin, run by a number of former Petronas executives, said its order book stood at RM1.02bil, comprising mainly hook-up and commissioning and production platform system maintenance and upgrading works worth RM903.5mil, and RM114.2mil for manpower supply services.
The firm intends to use 52.9% of its IPO proceeds to buy an offshore supply vessel (OSV), 20.6% to develop a minor fabrication yard, 12.4% to repay bank borrowings, 7.9% for working capital and 6.2% for listing expenses.
A portion of the proceeds would be put into a deposit for an accommodation workboat, a type of OSV, estimated at RM95mil. The rest of the purchase is to be funded by bank debt.
MHB’s order book surges to RM2.6b
It declared a final dividend of five sen per share for FY13 which translates into a dividend payout ratio of 34%, below Petroliam Nasional Bhd-related stocks’ average payout of 50%.
Barakah Offshore set to expand business
UOB Kay Hian analysts Danny Chan and Yeoh Bit Kun released their report following a visit to Barakah's Kota Laksamana 101 (KL101) pipelay barge, which is docked offshore Johor.
KL101 is currently undergoing some maintenance works to prepare itself for the three-year RM1.5Bn ($453.67M) Pan-Malaysia transportation and installation (T&I) contract.
KL101 is expected to depart to offshore Sabah in April for riser installation works and to start its pipe-laying job in June.
During the monsoon season from November 2013 to February 2014, KL101 was chartered as an accommodation barge in Indonesia with an estimated charter rate of 50,000 ringgit/day.
Samudra wins Petrofac contract
The effective date of the contract is on Dec 22, 2013 till Dec 21, 2018.
There is no indication on the value of the contract as the value for such services depends on the demand and activity levels of Petrofac and the scope of services rendered by KSTB during the duration of the contract, the company said in a Bursa Malaysia announcement.
KSTB said it would also be required to submit an unconditional bank guarantee in favour of Petrofac for RM6.4mil.
Tuesday, 25 February 2014
Firma minyak India beli 10% pegangan projek LNG Petronas bernilai RM3 bilion
Pengambilalihan pegangan saham dalam Progress Energy Resources Corp menandakan pembabitan pertama IOC di Amerika Utara.
"Saya ingin mengumumkan yang kami baru sahaja memuktamadkan 25% lagi pembelian ekuiti daripada syarikat India dan pembeli LNG Asia terkemuka," lapor Press Trust of India, memetik Presiden dan Ketua Eksekutif Petronas, Shamsul Azhar Abbas sebagai berkata di Persidangan Pembekalan LNG Untuk Pasaran Asia di Singapura.
Walaupun beliau tidak mendedahkan identiti pembeli berkenaan, sumber berkata, IOC akan membeli 10% pegangan itu dan 15 lagi akan dibeli firma China.
Petronas, melalui anak syarikat milik penuhnya, Petronas International Corp, pada 2011 membeli Progress Energy Resources Corp Kanada bernilai 5.2 bilion dolar Kanada untuk mendapatkan aset gas syal milik Altares, Lily dan Kahta di timur laut British Columbia.
Pada Mac 2013, ia menjual 10% pegangan dalam pembangunan bersepadu gas syal dan projek LNG itu kepada Japan Petroleum Exploration Co (Japex) dan tiga% lagi kepada Petroleum Brunei, kata agensi berita itu.
Petronas sebelum ini mengumumkan ia merancang menjual sehingga 50% projek Kanada berkenaan. Selepas perjanjian dengan Japex, Petroleum Brunei dan terbaru 25% kepada firma seperti IOC, ia kini mempunyai 12% lagi untuk dilepaskan.
PRESS RELEASE : MHB Attains 12-Month Pretax Profit Of RM198 Million
MHB Attains 12-Month Pretax Profit Of RM198 Million
- Revenue of RM2.9 billion
- Profit before taxation of RM198 million
- Confirmation from PETRONAS Carigali for the development at Block SK316
- Dividend per share of 5.0 sen
Malaysia's O&G industry very much alive
Then, it was said again that this would happen in 2010, but as months went by, it did not happen either. The hydrocarbon continued to become the largest contributor to the Malaysian economy.
But, we should remind ourselves that hydrocarbon is not a commodity that we can manufacture or grow to sustain output. It has been produced and developed through a long period of natural process, and, of course, with God's will.
So, whatever the predictions, efforts to make new discoveries, particularly in complex and challenging oil and gas reserves, must continue. Enhancing oil recovery in existing depleting fields and exploring opportunites in deeper water must not be overlooked either.
To put it into a better perspective, being a net crude importer does not mean that the country's reserves are drained and dried out or that Malaysia no longer produces oil for export. It just means that the value of the oil imported is much higher than what is exported.
In fact, the International Energy Agency (IEA) had mentioned in a report recently that Malaysia's oil supply is projected to rise to 740,000 barrels per day (bpd) in the short term, compared with 670,00bpd recorded last year.
The agency also said that the enhanced oil recovery (EOR) projects and the ramp-up in oil output from deepwater projects in offshore Sabah are expected to reverse Malaysia's falling output, although it will not be enough to stem the declining output in the longer term.
Paradigm shift in LNG business
Following its decision made on Jan 23, Petronas awarded the EPCIC job to the consortium of JGC Corp, Samsung Heavy Industries Company Ltd, JGC (Malaysia) Sdn Bhd and Samsung Heavy Industries (M) Sdn Bhd.
The award follows the 2012 dual front end engineering design (FEED) study for the project undertaken by two consortia – the Modec Inc., CB&I Nederland B.V. and Toyo Engineering Corporation consortium and the JGC Corp, Samsung Heavy Industries Company Limited, JGC (Malaysia) Sdn Bhd and Samsung Heavy Industries (M) Sdn Bhd consortium.
The PFLNG 2 project will be moored at the Rotan gas field in deep water Block H, offshore Sabah and is designed to produce 1.5 million tonnes a year (mtpa) of LNG. It is scheduled to be ready for start-up by early 2018.
Petronas' first floating LNG facility (PFLNG 1) recently started the vessel's keel laying process at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in Okpo, South Korea.
The PFLNG 1 will be moored at the Kanowit field, offshore Sarawak, and is designed to produce 1.2 mtpa of LNG. It is scheduled to be ready for start-up by end of 2015.
Once operational, the liquefaction, production and offloading processes of LNG – previously only possible at onshore plants – will now be able to be carried out hundreds of kilometres away from land and closer to the offshore gas fields.
Gas Malaysia-IEV Peruntuk RM15 Juta Bagi Sistem Pengedaran CNG Di Gebeng
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Mengikut memorandum persefahaman yang ditandatangani di sini Isnin, syarikat usaha sama itu akan membekalkan gas bagi kawasan itu, yang jauh dari saluran paip Gas Malaysia dan tidak boleh diakses oleh industri, melalui saluran paip fizikal dari sistem pengagihan atau stesen induk.
IEV Energy adalah pembekal penyelesaian kejuruteraan bersepadu yang menyokong industri minyak dan gas luar pesisir kebanyakannya di rantau Asia Pasifik.
Peruntukan RM15 juta itu termasuk tanah seluas 0.4 hektar di Gebeng di mana stesen induk dirancang untuk dibina.
"Stesen induk itu akan dapat membekalkan gas dalam lingkungan 150 hingga 200 kilometer," kata Pengerusi Gas Malaysia, Datuk Hasni Harun pada sidang media selepas majlis menandatangani MoU itu.
Gas Malaysia menguasai 75 peratus saham syarikat usaha sama itu dengan IEV Energy memegang baki 25 peratus.
Ketua Pegawai Eksekutif Gas Malaysia, Datuk Syed Faisal Albar Syed AR Albar berkata ia akan mengambil masa dua tahun untuk dilancarkan dan tujuh kilang dirancang untuk kawasan itu, tanpa mendedahkan nama-nama pelanggan yang berminat.
SapuraKencana Launches Second PLSV, Sapura Topazio For Petrobras In Netherlands
It said the 550-tonne Sapura Topazio, ordered by Sapura Navegacao Maritima, a Brazil-based joint venture between SapuraKencana and Seadrill Ltd, is the second in a series of six fully integrated offshore vessels.
In a statement today the company said the vessel was named and launched on Feb 20 by Puan Sri Yazreen Yahya, wife of SapuraKencana President and Group CEO Tan Sri Shahril Shamsuddin, and was from Dutch shipbuilder IHC Merwede's
shipyard in Krimpen aan den Ijssel.
Monday, 24 February 2014
RAPID Project Pengerang : Penduduk, polis bersemuka di jirat
Naib Presiden Gabungan NGO Pengerang Sim Seng San berkata, penduduk mengambil langkah itu apabila mendapat maklumat bahawa lima pekerja sedang mengira jumlah kubur sambil dikawal oleh beberapa pegawai polis pagi ini.
Perkuburan itu akan dipindahkan ke Sungai Rengit, tidak jauh daripada tempat itu, bagi memberi laluan kepada projek Pembangunan Bersepadu Penapisan Minyak dan Petrokimia (Rapid).
Ketika dihubungi Malaysiakini, Sim mendakwa, ketika tiba ke lokasi, penduduk mendapati jalan utama menghala ke perkuburan itu ditutup oleh trak polis.
Icon Offshore ke Bursa Malaysia Mei
Pasaran tawaran awam permulaan (IPO) tempatan dijangka terus rancak apabila Ekuiti Nasional Bhd (EKUINAS) menyasar untuk menyenaraikan aset perniagaan minyak dan gasnya, Icon Offshore Bhd, di Bursa Malaysia pada Mei ini.
Jika semuanya seperti dirancangkan, penyenaraian itu bakal menjadi satu lagi antara tawaran awam permulaan (IPO) utama di Malaysia pada 2014.
Gumusut-Kakap disposal boosts MISC FY13 net profit
For 4Q13 ended Dec 2013 today, the Petronas subsidiary posted RM1.08 billion in net profits from RM2.14 billion of quarterly revenue. an improvement over RM721.11 million in net profits from RM2.3 billion revenue in 4Q12.
Overall, MISC’s net profits for FY13 stood at RM2.08 billion from RM8.97 billion in revenue, up 170% year-on-year (yoy) from RM770.24 million in net profits from RM9.05 billion revenue recorded in FY12.
“The increase in profit was mainly due to higher share of profit from joint ventures, especially GKL, from recognition of a once off gain on disposal of Gumusut Kakap FPS through finance lease in the current year,” said the company in a regulatory filing.
According to MISC’s accounts, gains from share of profit on joint ventures amounted to RM1.16 billion for FY13.
GKL refers to Gumusut-Kakap Semi-Floating Production System (L) Limited, which owns the Gumusut-Kakap Semi-Floating Production System (GKSFPS). In turn GKL had purchased GKSFPS from MISC on Oct 4, 2012 for US$2.03 billion (roughly RM6.77 billion) — MISC is owed US$1.42 billion (about RM4.7 billion) while the remainder was satisfied through issuance of 611.4 million new shares in GKL worth USD$1 each.
MISC had then divested 50% equity in GKL to E&P Venture Solutions Co Sdn Bhd a wholly owned subsidiary of Petronas Carigali Sdn Bhd, a deal valued at USD$305.7 million (approximately RM1.01 billion).
Petronas Dan Perwaja Steel Setuju Selesai Hutang Di Luar Mahkamah
Perwaja Steel akan membayar hutang itu secara ansuran bulanan bermula dari Ogos 2015, kata syarikat gas dan minyak itu dalam satu kenyataan Jumaat.
Perwaja Steel ialah anak syarikat milik penuh Perwaja Holdings Bhd.
Dalam kenyataannya, Petronas berkata pada masa yang sama, mereka bersetuju untuk membekalkan gas kering kepada Perwaja Steel secara bayaran pendahuluan.
Sunday, 23 February 2014
Petronas awards RM10b contract to TL Offshore, PBJV and GOM Resources
Petronas said the contract covered the domestic upstream oil & gas offshore transportation and installation activities for a period of three years commencing year 2014.
The contract, which was a competitive tender open to both local and international companies, involves the transportation and installation for offshore facilities and includes all the necessary services required for the execution of the scopes such as marine spread services, required tools, specialized equipment and manpower services.
“The total work value under this contract is estimated to be almost RM 10 billion, spread over four packages, and was awarded to three capable local offshore installation contractors (OICs) namely TL Offshore, PBJV and GOM Resources,” it said - The Star
THHE set to scoop Kinabalu
The Malaysian yard operator emerged as the front-runner for the contract following a tender issued to local players.
The contract involves fabrication of the compression module, modification to the existing processing platform and the final hook-up and commissioning.
The compression module is scheduled for load-out early next year, with offshore work targeted for completion by mid-2015.
Assuming it is confirmed, the Kinabalu award would mark the second contract win for THHE in Malaysia within six months.
Last November, the Pulau Indah-based yard operator unveiled a letter of award from Lundin Petroleum for the fabrication of a wellhead platform targeted to be delivered in late 2014 for the Bertam field development in Block PM 307 off Peninsular Malaysia.
The Kinabalu project began production at an initial flow rate of 65 million cubic feet per day in December 2013.
The first phase of the gas development, designed to produce up to 300 MMcfd, includes a central processing platform and two drilling platforms.
Contracts for the production facilities lined up under the first development phase were awarded to Malaysia Marine Heavy Engineering (MMHE), Lumut-based Kencana HL and Sime Darby.
Sime Darby’s contracted workscope was taken over by MMHE, following a merger between the two yard operators.
Gas from Kinabalu is piped to the newly-constructed Sabah Oil & Gas Terminal in Kimanis.
Petronas: Perwaja to repay RM275.77m debt from August 2015
The national oil company said on Friday this was agreed upon under an out-of-court settlement with Perwaja Steel Sdn Bhd
"In addition, Petronas has also agreed to supply dry gas to Perwaja Steel on an advance payment basis.
"Petronas would like to emphasise that the settlement agreement is a business decision to increase its potential of recovering the debt in full," it said. - The Star
US' Camac charters Bumi Armada - FPSO Armada Perdana
The Houston-based firm said it will hold on to the FPSO Armada Perdana for at least five more years, with an automatic two-year option attached.
"The contract provides for an initial term of five years beginning January 1, with an automatic extension for an additional two years, unless terminated by Camac with prior notice."
Bumi Armada, which also confirmed the deal, said the two-year extension is worth another US$108 million.
Camac Energy said it plans to utilise the FPSO vessel for its multi-year, high-impact development and productions offshore Nigeria.
"FPSO Armada Perdana has a production capacity of 40,000 barrels of oil per day, and storage capacity of 1.1 million barrels," the firm said.
The FPSO currently supports Camac Energy's daily production of about 2,000 barrels of oil and 40 million standard cu ft of natural gas from the Oyo field in OML Block 120 offshore Nigeria.
Camac Energy senior vice-president of exploration and production Segun Omidele said securing this infrastructure for up to seven years is another milestone towards the growth of the company.
Listed on the New York Stock Exchange, Camac Energy is an independent oil and gas exploration and production firm focused on energy resources in Africa. Its asset portfolio consists of eight production and exploration licences in three countries covering an area of 41,000 sq km, including existing production and other major projects offshore Nigeria. - BTimes
Saturday, 22 February 2014
MMHE, SapuraKencana, THHE said shortlisted for RM1.5b Baronia gas project tender
Petronas Carigali Sdn Bhd has shortlisted Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), SapuraKencana Petroleum Bhd and TH Heavy Engineering Bhd for the Baronia gas project tender worth an estimated RM1.5 billion.
The three Malaysian firms were among 11 local and foreign oil & gas (O&G) firms shortlisted for the tender, according to Upstream Online on its web.
The O&G news portal reported that a turnkey contract for the Baronia central processing platform (CPP) is now open for tender.
The contract stipulates the engineering, procurement, construction, installation and commissioning of a new CPP for the existing Baronia gas compression platform.
The outcome of the tender would be announced before June, said the specialist news portal.
Alliance Research, quoting Upstream Online in its research note today, said the local players may have an edge for this project due to their available yard capacity.
“Based on our estimates, SapuraKencana and MMHE are now running at 50%-60% capacity utilisation,” said Alliance’s research analyst Arhnue Tan.
“For THHE, it is roughly at 40% or lower as the company has recently expanded its yard space.”
The Baronia CPP project is tasked to be delivered by early 2017 that include installing about 13,000 metric tonnes of topsides, 6,800 metric tonnes for the jacket and also a connecting bridge, said Upstream Online.
In its report, Upstream Online also reported that two small satellite platforms were up for tender, namely Baronia and Tukau Timur, which would be linked to the central processing platform.
MMHE, SapuraKencana, THHE are also in the running for the satellite platform projects, apart from five other fabricators – Boustead Heavy Industries Corp, Labuan Shipyard & Engineering, Brooke Dockyard, KKB Engineering Bhd’s Ocean Might and Muhibbah Engineering (M) Bhd.
“If the installation of pipelines and facilities are tendered separately, that could see another RM500 million in contracts from this project bringing the total to RM2 billion,” said Tan.
She said new players like KKB Engineering and Muhibbah might be running at extremely low utilisation.
“No major fabrication jobs have been announced by them since their license awards,” she added.
Additionally, Tan said Petronas’ final investment decision would be known in March this year, which would see another slew of jobs for downstream O&G to emerge from the RAPID project.
Maintaining “overweight” on the O&G sector, Tan said SapuraKencana was chosen as the sector’s top pick due to its undemanding forward price earnings ratio valuation of 17.1 times and solid earnings visibility of RM24 billion order book. - The Edge
Welding Inspector - 2 month contract (Perth)
Velosi is one of the 6 Divisions of the Applus Group. The Velosi Group operates globally through five regional headquarters in the USA, the UK, Malaysia, South Africa, and the UAE and has 63 offices in 36 countries worldwide.
Our Manpower Services Division support our client's project's internationally. Our clients include leading providers of EPCM within the Oil & Gas and Mining Sector.
We are currently urgently looking for an experienced Welding Inspector for 2 months in Perth (Henderson).
Qualifications & Experience:
Must have previous piping fabrication inspection experience
CSWIP 3.1/3.2 or equivalent
Details:
Duration: 2 months with potential for extension
Location: Henderson, WA
Immediate start
Monday to Friday role - 10 hours/day
This is an urgent requirement. The successful candidate will be able to start ASAP.
Please send all CVs to yohann.doppia@applusvelosi.com