Shipyards & Oil Services:Sete Brasil rigs down to 13-17?; SBM denies $1.7 bn PBR settlement
Singapore/Malaysia Offshore & Marine News
Ezra Holdings saw profits rise in the first half of the financial year, despitea drop in revenue. Ezra blamed the fall in revenue from Emas AMC on fewerproject closeouts, a greater mix of projects under earlier phases of execution, aswell as mandatory dry docking of its Lewek Express and Lewek Championvessels. Ezra chief executive Lionel Lee said that while the current low oil priceenvironment being experienced by the industry would cause volatility in thecompany's results, he was “cautiously optimistic” the long term fundamentals ofthe industry would remain encouraging. As of 28 February, Ezra's backlogstood at US$2.3 billion, the majority of which it expects to be carried out overthe next two years. (Upstream, Apr 08)
UMW O&G to extend JV pact with Japan Drilling. The company hasrecently signed an Addendum to the JVA with Japan Drilling to confirmthe mutual agreement of both Parties to renew the terms of the JVA for a furtherperiod of 5 years after elapse of the first 10 years. Consequent to the signing ofthe Addendum, the Company has also signed the Addendum to the Rig-OwningAgreement, with Japan Drilling, JDC Panama, and UMW Drilling for therenewal of the term of the Rig-Owning Agreement dated 11 March 2005 signedbetween these Parties. The Parties agree that the term of the Agreement shall berenewed for a further 5 years after elapse of the first 10 years. (Bursa Malaysia,Apr 07)
TH Heavy announced that it has fixed the issue price for the second trancheof the Private Placement, comprising 10 million new ordinary shares ofRM0.25 each in THHE at RM0.33 per Placement Share. The Issue Pricerepresents a discount of 1.87% to the five-day weighted average market price ofTHHE Shares up to and including 8 April 2015, being the last market dayimmediately preceding the Price-fixing Date of RM0.3363 per THHE Share.(Bursa Malaysia, Apr 09)
KNM Group Bhd has secured three projects worth a combined US$56.67million from Japan's Toyo Group and Spanish-based Tecnicas ReunidasGroup. KNM said its wholly-owned subsidiary KNM Process Systems Sdn Bhdwas awarded a US$33.53 million contract by Toyo Group to supply columns,reactors, drums and tanks for the Pengerang Integrated Petroleum ComplexProject in Johor. The group also won a US$15.17 million contract from TecnicasReunidas Group to supply reactors, columns and pressure vessels for the sameproject. Its third contract valued at US$7.97 million, involves supplying towersto Toyo Engineering Corp of Japan for the Turkmengas Petrochemical Complexproject in Turkmenistan. (Edge Malaysia, Apr 09)