Malaysian banks brace for hit from oil and gas sector, but not as exposed as Singapore lenders

November 8, 2016

Dateline 2016-09-26, Straits Times:

Malaysian lenders are bracing for a hit to profits this year as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.

The problem mirrors pain playing out in neighbouring Singapore, where the collapse of oilfield services firm Swiber Holdings Ltd has stoked concerns about the size of the city state’s biggest lender DBS Group Holdings’ exposure to the industry.

Last month, Malaysia’s Perisai Petroleum Teknologi , an offshore oil and gas services provider, said it was aiming to renegotiate terms with bondholders on a S$125 million bond.

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Posted by Wata

Saturday Star 2016-11-05– Job Opportunities

November 7, 2016

Happy recover from baaaad flu week. Why didn’t you tell me there was an influenza vaccine around?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). Where are those corporate sponsors? Or throw donations at me, my camera dive case flooded, and I need a new replacement. Heck, if you want to send me a Canon 5D Mk III plus dive case, I will not say no.

  • A mate of mine is looking for a MD/EngMan type person to help run his engineering company (the main business is skid manufacturing). He can’t handle the work volume, so you know that his oil & gas company is bucking the trend, and has a bright future ahead. If I know you, send your CV’s to me. If I don’t know you, send your CV along anyway, but note I will contact your references. I am not getting a commission for this ad, you know.
  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now. I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 1Q2017. Send me your POs.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? Any weight loss diet.

Let’s get a bit nostalgic with the book selection.

Wetter, Louder, Stickier: A Baby Blues Collection (Baby Blues Scrapbook), BBXX: Baby Blues: Decades 1 & 2, Bedlam

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

Oil bet gone wrong: rusting tankers and rigs clog up Asian waters

November 6, 2016

Dateline 2016-09-22, Reuters:

Some 15 km (9 miles) from the bustling port of Singapore, a rusting tanker as big as the world’s largest aircraft carriers lies idle in a muddy estuary flanked by mangrove trees on the coast of southern Malaysia.

The 340-metre (1,115 ft) “FPSO Opportunity”, a hulking so-called Floating Production, Storage and Offloading (FPSO) vessel capable of drilling for oil in deep waters, is currently surplus to requirements along with scores of other rigs, tankers and support vessels in an era of cheap oil.

The fleet of mothballed giant vessels anchored around Southeast Asian waters is the physical fallout of an oil downturn heading into its third year, and a stark reminder of how badly the industry miscalculated market conditions.

…

 

Leave a Comment » | investment, Malaysia, oil and gas | Permalink
Posted by Wata

Bad days for national oil companies to continue, Fitch says

November 5, 2016

Dateline 2016-09-21, Zee Biz:

The National Oil Companies (NOCs) in South and South-East Asia unlikely to return to positive free cash generation in the next two years, said a Fitch Ratings report.

Most of the NOCs reported poor financial result for the first half or first quarter ended on June 30 due to a fall in average oil and gas prices from a year ago. Revenue and EBITDA declined over this period for Malaysia’s Petroliam Nasional Berhad (PETRONAS); Thailand’s PTT Public Company Limited; and India’s Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited.

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Posted by Wata

Petronas’ oil rig-making unit stays in the red for fourth straight quarter

November 4, 2016

Dateline 2016-10-28, Nikkei Asian Review:

Malaysia Marine and Heavy Engineering, an oil rig builder controlled by state oil and gas company Petronas, suffered its fourth consecutive quarter of losses due to fewer and lower-valued projects.

Net loss for the three months ended September 30 totaled 4.5 million ringgit ($1.1 million) compared to net profit of 17.0 million ringgit a year earlier, the company said. Quarterly revenue fell nearly 24% year-on-year to 333.5 million ringgit from 436.3 million ringgit.

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Posted by Wata

International schools hit by oil & gas crash, says ISC

November 4, 2016

You know what happened to the schools in Kerteh once the big spending expats were relocated out? Now the whole nation know what it feels like.

Dateline 2016-09-20, The Pie News:

…

Enrolments will be hit as parents sending their children to international schools employed in professions related to the these industries are made redundant, the group said.

The Middle East in particular is expected to be affected by 1-2% fall in enrolments, according to ISC Research.

“Some have cut back on their staffing for this new year”

Malaysia and Singapore are also likely to feel the brunt of dropping oil & gas prices, with schools that enrol a large proportion of expatriates over locals more likely to be affected, said Richard Gaskell, director for international schools at ISC Research.

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Posted by Wata

Malaysian Energy Firm Petronas Plans Several Hundred More Job Cuts

November 3, 2016

Out of date, but be scared.

Dateline 2016-09-20, Wall Street Journal:

Malaysia’s national oil company is looking to cut several hundred more jobs as it continues to grapple with weak oil prices, according to two people familiar with the matter.

Petroliam Nasional Bhd., known as Petronas, is planning the job cuts at its publicly listed operations, according to the people.

The company, which provides most of the government’s oil and gas revenue, said in March that it was cutting 1,000 jobs. This came after Petronas said it would slash spending by some $11.4 billion over the next four years, following similar moves by major global oil companies including Royal Dutch Shell PLC facing the crude-price downturn.

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Posted by Wata

Marketing Rounds – KSB

November 2, 2016

Nowadays, KSB is the launch pad for many offshore destinations. Bring a blankey. And you can take the bus to Kemaman from in front of IGL offices.

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Shout Out – One-Day Course on Safety Integrity Levels (SIL) 2016-11 Training For Workshop Participants

November 1, 2016

My technical division will be hosting a 1 day seminar on the 15th November, 2016. It is worth 6.5 CPD points, and held at Hilton Hotel. Since I’m giving it, I expect hoards will have to be turned away at the gates. And it’s a big room, so I need to fill the seats.

In the Layer of Protection methodology, a Safety Instrumented Function (SIF) designed to eliminate the cause of a risk or minimize the consequence of an event. The expectation of the SIF’s reliability to perform upon demand must be defined so that it is designed appropriately. The Safety Integrity Level (SIL) study is a tool used this.

This full day course is designed to educate participants in the SIL process from the perspective of a SIL team member. It is meant to provide both instruction and workshop sessions so that the participants:

  • Are familiar with the concept of ‘risk’
  • Are familiar with the theory and terminology behind Layers of Protection, SIS, SIF, SIL and LOPA
  • Are familiar with the different SIL methodologies: risk graph, risk matrix, LOPA.
  • Have expectations as to what the SIL workshop will (and won’t) provide.
  • Understand what deliverables can be expected from a SIL workshop.
  • Have the opportunity to participate in SIL exercise in a safe environment.Opportunity to share SIL experiences.

Wata has 19 years of experience in the oil and gas industry, in both design and operations.

Register here, or download the form here.

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Posted by Wata

Malaysian Energy Firm Petronas Plans Several Hundred More Job Cuts

October 29, 2016

Dateline 2016-09-20, WSJ:

Malaysia’s national oil company is looking to cut several hundred more jobs as it continues to grapple with weak oil prices, according to two people familiar with the matter.

Petroliam Nasional Bhd., known as Petronas, is planning the job cuts at its publicly listed operations, according to the people.

The company, which provides most of the government’s oil and gas revenue, said in March that it was cutting 1,000 jobs. This came after Petronas said it would slash spending by some $11.4 billion over the next four years, following similar moves by major global oil companies including Royal Dutch Shell PLC facing the crude-price downturn.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

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