GARMENT maker Baneng Holdings Bhd has bought an engineering and fabrication company for RM800,000 to diversify into the oil and gas sector.
Executive director Albert Lim Meng Hong said Atmos Engineering Sdn Bhd, the firm that it is buying, has secured jobs worth a combined RM20 million from various oil majors, which will bolster Baneng's earnings. Atmos is also bidding for contracts that are worth up to RM200 million in total, he said.
With a paid-up of RM500,000, Lim said, Atmos has had limited resources and needed to tap onto Baneng's access to the capital market as a public-listed company to raise funds for its projects.
He did not elaborate on Baneng's plan to raise money, but said that it is talking to bankers.
"Atmos will contribute to our earnings from next year. We are still negotiating and there will be more acquisitions to come," he told reporters after signing with Atmos in Kuala Lumpur yesterday.
Baneng will still retain its core business of manufacturing, knitting and dyeing of fabrics and other apparels, he said.
"We will position ourselves in garment manufacturing and oil and gas for now, but will still look for any other businesses that can bring in more income," he added.
Baneng has been on the lookout for strategic purchases in the last three years, he added.
Shares of Baneng have risen 59.1 per cent this year, a stark contrast to the 19.7 per cent fall in the Kuala Lumpur Composite Index over the same period.
The usually thinly-traded stock has also seen some active transactions recently.
Baneng closed 1.4 per cent lower at 70 sen yesterday.
Source : Business Times
Thursday, 31 July 2008
Dayang bids for RM900m oil&gas jobs
UPSTREAM oil and gas services provider, Dayang Enterprise Holdings Bhd, is bidding for oil and gas-related services jobs in Malaysia worth RM900 million from various oil majors.
In a statement yesteday, the company said it now has an order book of RM677 million, which is set to last until 2012.
Dayang is also confident of exceeding its 15-month net profit forecast of RM46 million for the financial year ending December 31, 2008.
The company’s year to date net profit stands at RM43.3 million.
Its managing director, Tengku Yusof Tengku Ahmad Shahruddin, said given the bright industry outlook, the company is positive of achieving further growth, both operationally and financially.
In its filing to Bursa Malaysia, Dayang said it recorded a pre-tax profit of RM19.8 million on the back of RM41.6 million in revenue for the third quarter period ended June 30, 2008.
For the quarter, offshore topside maintenance services operations, which include hook-up commissioning and minor fabrication services, continued to be the major contributor to the company, contributing 81 per cent to revenue and 84.5 per cent in profit, it said.
Source : Bernama
In a statement yesteday, the company said it now has an order book of RM677 million, which is set to last until 2012.
Dayang is also confident of exceeding its 15-month net profit forecast of RM46 million for the financial year ending December 31, 2008.
The company’s year to date net profit stands at RM43.3 million.
Its managing director, Tengku Yusof Tengku Ahmad Shahruddin, said given the bright industry outlook, the company is positive of achieving further growth, both operationally and financially.
In its filing to Bursa Malaysia, Dayang said it recorded a pre-tax profit of RM19.8 million on the back of RM41.6 million in revenue for the third quarter period ended June 30, 2008.
For the quarter, offshore topside maintenance services operations, which include hook-up commissioning and minor fabrication services, continued to be the major contributor to the company, contributing 81 per cent to revenue and 84.5 per cent in profit, it said.
Source : Bernama
Scomi Oiltools unveils plant in Scotland
SCOMI Oiltools (Europe) Ltd has unveiled its new quayside plant in Scotland yesterday.
Located in Aberdeen Harbours Pocra Quay, Scotland, the new facility is part of a £10 million investment in its north-east business, the company said in a statement yesterday.
Scomi Oiltools, a subsidiary of Scomi Group, is one of the world's leading providers of innovative, high performance drilling fluids solutions and state-of-the-art drilling waste management services.
The company said the 10,000 barrels capacity storage facility marked the launch of the company’s fluids division in the United Kingdom and underlined its commitment to the North Sea energy sector.
The facility would provide a seamless, integrated package of well fluids and drilling waste management.
Scomi Group’s oilfield services division president Chris Pianca said:
“With the dynamic market conditions in the recent years, we have been growing internationally at a phenomenal rate.”
He said the new project was a significant development for the group as drilling fluids and the international markets offered a huge growth opportunities.
Since 2005, Scomi’s drilling fluids markets have expanded from three countries to 15 countries.
Source : Bernama
Located in Aberdeen Harbours Pocra Quay, Scotland, the new facility is part of a £10 million investment in its north-east business, the company said in a statement yesterday.
Scomi Oiltools, a subsidiary of Scomi Group, is one of the world's leading providers of innovative, high performance drilling fluids solutions and state-of-the-art drilling waste management services.
The company said the 10,000 barrels capacity storage facility marked the launch of the company’s fluids division in the United Kingdom and underlined its commitment to the North Sea energy sector.
The facility would provide a seamless, integrated package of well fluids and drilling waste management.
Scomi Group’s oilfield services division president Chris Pianca said:
“With the dynamic market conditions in the recent years, we have been growing internationally at a phenomenal rate.”
He said the new project was a significant development for the group as drilling fluids and the international markets offered a huge growth opportunities.
Since 2005, Scomi’s drilling fluids markets have expanded from three countries to 15 countries.
Source : Bernama
Uzma close to finalising talks on drilling contract
Oil and gas services provider Uzma Bhd hopes to conclude talks with a Mongolia-based company on an exploration and drilling contract by year-end, said managing director and chief executive officer Datuk Kamarul Redzuan Muhamed.
”We cannot disclose the value of the contract for the time being. Discussions are currently at the advanced stage with details of the contract being finalised. We hope to conclude talks by year-end,” he said at the company's listing on the Bursa Malaysia second board yesterday.
Uzma opened 20 sen below its offer price of RM1.90.
Commenting on the opening price, Kamarul said the company was pleased with the stock's performance despite the lacklustre trading on Bursa Malaysia.
“Our fundamentals are still strong and our plan is on track. There are exciting things ahead for the group,” he said.
Uzma, which has a presence in more than 30 countries, has an order book of RM129mil. It recently secured a US$100,000 contract in Iran for a software job.
“We have close to about 70% of the order book that we forecast for 2008,” Kamarul said, adding that the group was tendering for about RM450mil worth of jobs.
He said the success rate of the tenders depended on the type of jobs pitched for.
“For our core businesses of geoscience and reservoir engineering, and drilling services, we have been looking at 35% to 40% success rate.
“On project and operation sites which is something new for us, the success rate is 15% to 25%,” he added.
Uzma also planned to set up operation offices in India by year-end and in North Africa by end-2009, Kamarul said.
“Uzma will also strengthen its international presence by expanding its business coverage in existing overseas markets such as Indonesia, the Middle East, Thailand and Australia by end of this year,” he added.
He said the company was expecting a 35% year-on-year growth this year.
Source : The Star
”We cannot disclose the value of the contract for the time being. Discussions are currently at the advanced stage with details of the contract being finalised. We hope to conclude talks by year-end,” he said at the company's listing on the Bursa Malaysia second board yesterday.
Uzma opened 20 sen below its offer price of RM1.90.
Commenting on the opening price, Kamarul said the company was pleased with the stock's performance despite the lacklustre trading on Bursa Malaysia.
“Our fundamentals are still strong and our plan is on track. There are exciting things ahead for the group,” he said.
Uzma, which has a presence in more than 30 countries, has an order book of RM129mil. It recently secured a US$100,000 contract in Iran for a software job.
“We have close to about 70% of the order book that we forecast for 2008,” Kamarul said, adding that the group was tendering for about RM450mil worth of jobs.
He said the success rate of the tenders depended on the type of jobs pitched for.
“For our core businesses of geoscience and reservoir engineering, and drilling services, we have been looking at 35% to 40% success rate.
“On project and operation sites which is something new for us, the success rate is 15% to 25%,” he added.
Uzma also planned to set up operation offices in India by year-end and in North Africa by end-2009, Kamarul said.
“Uzma will also strengthen its international presence by expanding its business coverage in existing overseas markets such as Indonesia, the Middle East, Thailand and Australia by end of this year,” he added.
He said the company was expecting a 35% year-on-year growth this year.
Source : The Star
Wednesday, 30 July 2008
Indonesia's makes 'sovereign' decision to withdraw from OPEC
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, while acknowledging that Indonesia has played an important role since joining the organization in 1962, said its plan to withdraw from the group is a "sovereign" decision.
Khelil also indicated that several options were available, saying that Indonesia could either suspend its membership or remain in the organization as an observer once its membership expires at yearend.
"All the options are open, but it is up to Indonesia to the make the decision," Khelil said.
Indonesia's Energy and Mineral Resources Minister Purnomo Yusgiantoro repeated his country's aim of leaving the group when its membership expires at the end of the year, saying that, "We have become a net oil importer."
Indonesia's future
Indonesia turned a net oil importer in 2003 on declining production of oil together with increasing domestic consumption. However, government officials have said Indonesia could rejoin OPEC in the future if its oil production and exports pick up again.
The discussion over Indonesia's future in OPEC coincided with reports that—due to continued low domestic production and spiraling consumption—the country's oil and fuels trade balance has been in deficit for the first half of this year and is likely remain in deficit for the remainder of 2008.
Economist Faisal Basri of the University of Indonesia (UI) said the deficit stood at $5.5 billion as of the end of May, with oil and fuel imports reaching $13 billion while exports earned just $7.56 billion.
"We are heading toward a very critical situation if we don't formulate a proper energy policy. The deficit is predicted to be $15 billion at the end of this year," said Faisal at a discussion on the energy crisis held by UI.
The big gap between the fuels import and export shows the country has poor production but massive consumption, said Faisal, who added that inefficiencies at state-owned Pertamina have contributed significantly to the wide gap between imports and exports.
Faisal offered a comparison to illustrate his point, saying, "Pertamina's cost recovery in 2007 was $36.10/bbl, while Chevron's [Corp.] was only $6.80/bbl."
Investors needed
Meanwhile, Indonesia's recent efforts to attract new investment into the oil and gas sector have not been as successful as government officials had hoped.
According to Evita H. Legowo, the newly appointed director general of oil and gas in the ministry of energy and mineral resources, half of the 21 oil and gas blocks offered by the government last year failed to attract investors.
"We don't know exactly why some blocks didn't attract any investors. It could have been that investors had doubts about the data or maybe they needed more advanced technology to operate the blocks on offer," said Evita.
In a renewed effort to attract investment, the government plans to open a new auction for oil and gas blocks in October or November, and may include those blocks leftover from the last round.
"We are still formulating which blocks we will offer. We are also still deciding whether the unsold blocks would be offered again or not," said Evita, who did not disclose which blocks remained unsold.
In May 2007, the government put up 21 oil and gas blocks for auction: North X Ray Block in West Java; N. E Lombok I and N.E Lombok II blocks in Nusa Tenggara; Semai I, Semai II, Semai III, Semai IV and Semai V blocks in West Papua; South East Tual block in Arafura; Cakalang block in Natuna; Kerapu, Baronang, Cucut, and Dolphin blocks in Nautana; Bawean II, East Bawean I, Gunting and Situbondo blocks in East Java; Buton II block in Buton; Rangkas block in Banten; and West Timor block in Timor.
Source : Oil & Gas Journal
Khelil also indicated that several options were available, saying that Indonesia could either suspend its membership or remain in the organization as an observer once its membership expires at yearend.
"All the options are open, but it is up to Indonesia to the make the decision," Khelil said.
Indonesia's Energy and Mineral Resources Minister Purnomo Yusgiantoro repeated his country's aim of leaving the group when its membership expires at the end of the year, saying that, "We have become a net oil importer."
Indonesia's future
Indonesia turned a net oil importer in 2003 on declining production of oil together with increasing domestic consumption. However, government officials have said Indonesia could rejoin OPEC in the future if its oil production and exports pick up again.
The discussion over Indonesia's future in OPEC coincided with reports that—due to continued low domestic production and spiraling consumption—the country's oil and fuels trade balance has been in deficit for the first half of this year and is likely remain in deficit for the remainder of 2008.
Economist Faisal Basri of the University of Indonesia (UI) said the deficit stood at $5.5 billion as of the end of May, with oil and fuel imports reaching $13 billion while exports earned just $7.56 billion.
"We are heading toward a very critical situation if we don't formulate a proper energy policy. The deficit is predicted to be $15 billion at the end of this year," said Faisal at a discussion on the energy crisis held by UI.
The big gap between the fuels import and export shows the country has poor production but massive consumption, said Faisal, who added that inefficiencies at state-owned Pertamina have contributed significantly to the wide gap between imports and exports.
Faisal offered a comparison to illustrate his point, saying, "Pertamina's cost recovery in 2007 was $36.10/bbl, while Chevron's [Corp.] was only $6.80/bbl."
Investors needed
Meanwhile, Indonesia's recent efforts to attract new investment into the oil and gas sector have not been as successful as government officials had hoped.
According to Evita H. Legowo, the newly appointed director general of oil and gas in the ministry of energy and mineral resources, half of the 21 oil and gas blocks offered by the government last year failed to attract investors.
"We don't know exactly why some blocks didn't attract any investors. It could have been that investors had doubts about the data or maybe they needed more advanced technology to operate the blocks on offer," said Evita.
In a renewed effort to attract investment, the government plans to open a new auction for oil and gas blocks in October or November, and may include those blocks leftover from the last round.
"We are still formulating which blocks we will offer. We are also still deciding whether the unsold blocks would be offered again or not," said Evita, who did not disclose which blocks remained unsold.
In May 2007, the government put up 21 oil and gas blocks for auction: North X Ray Block in West Java; N. E Lombok I and N.E Lombok II blocks in Nusa Tenggara; Semai I, Semai II, Semai III, Semai IV and Semai V blocks in West Papua; South East Tual block in Arafura; Cakalang block in Natuna; Kerapu, Baronang, Cucut, and Dolphin blocks in Nautana; Bawean II, East Bawean I, Gunting and Situbondo blocks in East Java; Buton II block in Buton; Rangkas block in Banten; and West Timor block in Timor.
Source : Oil & Gas Journal
Sunday, 27 July 2008
Seized Nigeria oil workers freed
Eight foreign oil workers, kidnapped by Nigerian militants, have been freed unharmed, an army spokesman says.
In the early hours of Saturday, a group of gunmen in a speed boat attacked a petroleum tanker on the Bonny river in the south of the country.
Two people were shot and injured while eight oil workers, believed to include a number of Russians, were seized.
"They have been released," about 2030 (1930GMT), said Lt Col Sagir Musa. "I doubt any ransom was paid."
The nationalities of those seized have not yet been confirmed, and no group has claimed responsibility.
More than 200 foreign oil workers have been kidnapped in the Niger Delta over the past two years but often released after payment of ransom.
It is believed the tanker which came under attack belongs to Global Gas and Refining Ltd, a Nigerian subsidiary of US-based Global Energy Inc, which has been stationed along the Bonny river for more than two years.
Lt Col Musa, military spokesman in the eastern Niger Delta, said earlier: "Around six heavily armed bandits attacked an LPG (liquefied petroleum gas) tanker, shot two civilians and abducted eight of the expatriates, whose identity is not yet ascertained."
He said the two civilians had been wounded but not killed during the attack, which took place between 0100 and 0400 (0000-0300 GMT).
Late on Thursday, 12 people were kidnapped from a boat near the Niger Delta. Seven of them were later freed but five people remain captive.
Source : BBC News
In the early hours of Saturday, a group of gunmen in a speed boat attacked a petroleum tanker on the Bonny river in the south of the country.
Two people were shot and injured while eight oil workers, believed to include a number of Russians, were seized.
"They have been released," about 2030 (1930GMT), said Lt Col Sagir Musa. "I doubt any ransom was paid."
The nationalities of those seized have not yet been confirmed, and no group has claimed responsibility.
More than 200 foreign oil workers have been kidnapped in the Niger Delta over the past two years but often released after payment of ransom.
It is believed the tanker which came under attack belongs to Global Gas and Refining Ltd, a Nigerian subsidiary of US-based Global Energy Inc, which has been stationed along the Bonny river for more than two years.
Lt Col Musa, military spokesman in the eastern Niger Delta, said earlier: "Around six heavily armed bandits attacked an LPG (liquefied petroleum gas) tanker, shot two civilians and abducted eight of the expatriates, whose identity is not yet ascertained."
He said the two civilians had been wounded but not killed during the attack, which took place between 0100 and 0400 (0000-0300 GMT).
Late on Thursday, 12 people were kidnapped from a boat near the Niger Delta. Seven of them were later freed but five people remain captive.
Source : BBC News
Saturday, 26 July 2008
Nigerian militants kidnap expats
Five eastern European oil workers have been kidnapped by Nigerian militants, security officials have told the BBC.
Twelve workers from Ukraine and Russia were on board a boat that was attacked while in international waters off the Niger Delta, but seven have been freed.
The boat, which belongs to the Saipem oil services company, was attacked about 85 nautical miles from the coast, after it had left its naval escort.
A spate of attacks on the oil sector has cut Nigeria's production by 25%.
The boat has also been freed and is on its way back to the region's main city, Port Harcourt, the officials say.
This is one of the attacks carried out furthest from Nigeria's coast, correspondents say.
Until recently, they have usually operated on land or in the creeks of the Niger Delta.
Nigeria's oil militants say they are campaigning for more of the country's oil wealth to be used to benefit residents of the Niger Delta.
But correspondents say there are also many criminal gangs motivated by the ransom money often paid by oil companies to secure the release of their workers.
Earlier this week, the head of Nigeria's state-owned oil company told a parliamentary enquiry it had paid $12m to oil militants to prevent them attacking a pipeline.
Source : BBC News
Twelve workers from Ukraine and Russia were on board a boat that was attacked while in international waters off the Niger Delta, but seven have been freed.
The boat, which belongs to the Saipem oil services company, was attacked about 85 nautical miles from the coast, after it had left its naval escort.
A spate of attacks on the oil sector has cut Nigeria's production by 25%.
The boat has also been freed and is on its way back to the region's main city, Port Harcourt, the officials say.
This is one of the attacks carried out furthest from Nigeria's coast, correspondents say.
Until recently, they have usually operated on land or in the creeks of the Niger Delta.
Nigeria's oil militants say they are campaigning for more of the country's oil wealth to be used to benefit residents of the Niger Delta.
But correspondents say there are also many criminal gangs motivated by the ransom money often paid by oil companies to secure the release of their workers.
Earlier this week, the head of Nigeria's state-owned oil company told a parliamentary enquiry it had paid $12m to oil militants to prevent them attacking a pipeline.
Source : BBC News
Cameroon kills Bakassi attackers
Cameroonian soldiers have killed 10 gunmen who attacked them in the disputed oil-rich Bakassi peninsula, officials say.
Nigeria is transferring the peninsula to Cameroon under a World Court order, despite opposition from locals.
A little-known armed Nigerian group opposed to the handover of the territory, said only four of its men had been killed in the raid.
At least one Cameroon soldier was also killed during the clashes.
It was the second attack on Cameroonian positions in Bakassi within a week.
Cameroon's defence ministry said its men had fought off an attack men in three speed boats.
Ebi Dari, a spokesman for the Niger Delta Defence and Security Council (NDDSC), confirmed its fighters were behind the raid.
"It is true our men came under intense gunfire from the Cameroon military, but only four of them were killed and two taken hostage. They also seized one of our speed boats and the arms that were inside," he told Reuters news agency.
The Nigerian forces are due to complete their long-delayed full withdrawal from Bakassi in mid-August to comply with a 2002 court order by the International Court of Justice, which ruled in favour of Cameroon.
Most of the area's inhabitants are Nigerian fishermen and many are opposed to the handover. Some Nigerian politicians also voiced their opposition to the handover last year.
Nigeria reinforced troops on its side of the border after 21 Cameroon troops were killed in Bakassi in November 2007.
Nigerian troops withdrew in August 2006 but the peninsula will remain under Nigerian civil administration until 2008.
Nigeria and Cameroon sought arbitration after a series of bloody clashes in the 1990s.
Bakassi juts into the Gulf of Guinea, an area which may contain up to 10% of the world's oil and gas reserves. It is also rich in fish.
The peninsula has been administered by Nigeria since independence from Britain in 1960.
However, Cameroon based its claim of sovereignty over the region on maps dating back to the colonial era.
Source : BBC News
Nigeria is transferring the peninsula to Cameroon under a World Court order, despite opposition from locals.
A little-known armed Nigerian group opposed to the handover of the territory, said only four of its men had been killed in the raid.
At least one Cameroon soldier was also killed during the clashes.
It was the second attack on Cameroonian positions in Bakassi within a week.
Cameroon's defence ministry said its men had fought off an attack men in three speed boats.
Ebi Dari, a spokesman for the Niger Delta Defence and Security Council (NDDSC), confirmed its fighters were behind the raid.
"It is true our men came under intense gunfire from the Cameroon military, but only four of them were killed and two taken hostage. They also seized one of our speed boats and the arms that were inside," he told Reuters news agency.
The Nigerian forces are due to complete their long-delayed full withdrawal from Bakassi in mid-August to comply with a 2002 court order by the International Court of Justice, which ruled in favour of Cameroon.
Most of the area's inhabitants are Nigerian fishermen and many are opposed to the handover. Some Nigerian politicians also voiced their opposition to the handover last year.
Nigeria reinforced troops on its side of the border after 21 Cameroon troops were killed in Bakassi in November 2007.
Nigerian troops withdrew in August 2006 but the peninsula will remain under Nigerian civil administration until 2008.
Nigeria and Cameroon sought arbitration after a series of bloody clashes in the 1990s.
Bakassi juts into the Gulf of Guinea, an area which may contain up to 10% of the world's oil and gas reserves. It is also rich in fish.
The peninsula has been administered by Nigeria since independence from Britain in 1960.
However, Cameroon based its claim of sovereignty over the region on maps dating back to the colonial era.
Source : BBC News
Technip to build region's 1st flexible-pipe plant in Johor
MALAYSIA will be at the forefront of high technology in flexible-pipe making in the Asia-Pacific region when French engineering group Technip starts its plant in Tanjung Langsat near Johor Baru in 2010.
The RM600 million plant will be built by its local unit, Asiaflex Products Sdn Bhd. Technip group president and chief operation officer Bernard Di Tullio performed the groundbreaking ceremony in Johor yesterday.
"This is our third manufacturing facility after Le Trait, France, and Vitoria, Brazil, and it will be the only plant to manufacture flexible pipes in the Asia-Pacific region," he said.
Technip caters to the oil and gas industry, and the new plant is part of plans to strengthen its presence in the sub-sea segment and reinforce its worldwide leadership in the flexible market.
Technip currently holds about 60 per cent of the flexible-pipe market in the world, supplying major oil companies.
Asiaflex Products will focus on the needs of the emerging deep-water oil and gas markets in the Asia-Pacific and Middle East region.
The plant has also been designed with an expansion in mind, should the need arise.
It is expected to provide jobs for around 300 people once it starts operations, with an expected annual capacity of 200km of flexible pipes. This will bring Technip's total annual capacity to 1,000km.
Source : Business TImes
The RM600 million plant will be built by its local unit, Asiaflex Products Sdn Bhd. Technip group president and chief operation officer Bernard Di Tullio performed the groundbreaking ceremony in Johor yesterday.
"This is our third manufacturing facility after Le Trait, France, and Vitoria, Brazil, and it will be the only plant to manufacture flexible pipes in the Asia-Pacific region," he said.
Technip caters to the oil and gas industry, and the new plant is part of plans to strengthen its presence in the sub-sea segment and reinforce its worldwide leadership in the flexible market.
Technip currently holds about 60 per cent of the flexible-pipe market in the world, supplying major oil companies.
Asiaflex Products will focus on the needs of the emerging deep-water oil and gas markets in the Asia-Pacific and Middle East region.
The plant has also been designed with an expansion in mind, should the need arise.
It is expected to provide jobs for around 300 people once it starts operations, with an expected annual capacity of 200km of flexible pipes. This will bring Technip's total annual capacity to 1,000km.
Source : Business TImes
Friday, 25 July 2008
Kencana unit gets RM48m Murphy Sarawak job
KENCANA Petroleum Bhd’s unit Kencana HL Sdn Bhd has secured a RM48 million contract from Murphy Sarawak Oil Co Ltd.
The contract comprises the provision of mechanical and piping installation works for Bintulu Onshore Receiving Facilities (BORF).
It also forms part of Phase 1 of SK309/SK311 gas field development located offshore Bintulu, Sarawak, said Kencana in a filing to Bursa Malaysia.
The scope of works include project management and construction engineering activities for mechanical equipment installation/erection works including unloading and storage at BORF, electrical and instrumentation equipment installation, plant piping works, tank fabrication and erection, flare structure, onshore export gas and dry gas pipelines and safety system including equipment supply.
The contract is expected to be fully completed by March 15, 2009.
The contract is expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending July 31, 2009
Source : Bernama
The contract comprises the provision of mechanical and piping installation works for Bintulu Onshore Receiving Facilities (BORF).
It also forms part of Phase 1 of SK309/SK311 gas field development located offshore Bintulu, Sarawak, said Kencana in a filing to Bursa Malaysia.
The scope of works include project management and construction engineering activities for mechanical equipment installation/erection works including unloading and storage at BORF, electrical and instrumentation equipment installation, plant piping works, tank fabrication and erection, flare structure, onshore export gas and dry gas pipelines and safety system including equipment supply.
The contract is expected to be fully completed by March 15, 2009.
The contract is expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending July 31, 2009
Source : Bernama
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