Conquering the fear of failure

April 16, 2016

Inspirational stories, for these tough times in the O&G sector.

Dateline 2016-02-29, FMT:

…

Since then, two very enterprising Malaysian firms from my native oil and gas sector have come forward to share their experiences.

ProEight started as an engineering consultancy. After thoroughly understanding their position in the market and identifying gaps, the firm developed their own products. Today, their portfolio of mechanical seals and pumps is not only one of the best in class, their after sales service in the region is unparalleled.

…

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Posted by Wata

Malaysia’s Bumi Armada 2015 Revenue Down 9% to $516M, Posts $56M Net Loss

April 15, 2016

I guess with net loss being about 10% of revenue, last years obscene profits make up the shortfall?

Dateline 2016-02-29, Rigzone:

Malaysia’s offshore energy facilities and services provider Bumi Armada Berhad posted a net loss of $55.5 million (MYR 234.6 million) for financial year 2015 (FY 2015) ending Dec. 31, 2015, compared to a net profit of $51.7 million (MYR 218.7 million) in the previous year, the company said when releasing its financial results Friday.

Revenue during this period reached $515.5 million (MYR 2.179 billion), down 9.1 percent from $694.6 million (MYR 2.937 billion) in 2014, with the decline attributed to lower contributions by the company’s offshore support vessel (OSV) and transport and installation (T&I) business, which recorded a decline of 17.8 percent and 57.7 percent, respectively.

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MALAYSIA As jobs dry up, oil and gas workers rely on Petronas’ Pengerang project for a lifeline

April 14, 2016

As the song says, “So true, funny how it seems..“, and matches my call for classical engineering degrees, rather than needle-sharp niche ones.

Dateline 2016-02-28, Malay Mail Online:

State oil giant Petronas’ flagship project in Johor’s south-eastern tip of Pengerang has become a life raft for many oil and gas workers as contracts and new job opportunities dried up across the board over the past year.

The building of a new oil refinery and petrochemical plant, for which work started in 2012 and started picking up pace beginning last year, has taken in a growing number of oil and gas workers from all over the country.

“I took a pay-cut to work in Pengerang. It was either this or nothing at all for me,” said Thilak Jaganathan, a 28-year-old safety inspector.

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From the Engineering Floor – IGL’s Logo

April 13, 2016

Taa-daa!

IGL logo

Actually, this is IGL Services’ logo. We have another one for IGL Process Solutions, and IGL Group. Vote if you want to see them. Or burn this one.

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Posted by Wata

Dividend plays pay?

April 12, 2016

Dateline 2016-02-27, The Star:

 

…

The only company that has bugged the trend is Petra Energy Bhd (PEnergy).

The company has in total declared a dividend of 10 sen per share, including a special dividend of six sen per share, for the financial year (FY) ended Dec 31, 2015. This compared with a total dividend of only two sen per share in the preceding year.

The increase in PEnergy’s dividend payout is in line with the company’s earnings, which grew 47% year-on-year (y-o-y), and cash position, which swelled five times to RM165mil, in FY2015.

…

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Saturday Star 2016-04-09– Job Opportunities

April 11, 2016

Happy IEM AGM week. Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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.

  • I’m looking for jobs for 3Q2016. Send me your POs.
  • Nothing in the papers this week.

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

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Posted by Wata

Petronas Gas FY15 earnings up 7.8% to nearly RM2b

April 10, 2016

Dateline 2016-02-24, The Star:

Petronas Gas Bhd earnings rose to nearly RM2bil in the financial year ended Dec 31, 2015 boosted by a one-off recognition of deferred tax asset (DTA) while it expects its agreements and utilities to underpin its steady performance for 2016.

It announced a dividend of 17 sen per share compared with 15 sen a year ago. For FY15, the total dividends were 60 sen compared with 55 sen a year ago.

Petronas Gas said it expected a challenging economic environment. However, it envisaged its steady performance to continue, backed by its solid business models under gas processing agreement, gas transportation agreements and regasification service agreement signed with its parent, Petroliam Nasional Bhd.

…

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Moody’s review of Petronas’ ratings to hinge on capex

April 9, 2016

Dateline 2016-02-24, The Star:

Moody’s Investors Service’s review of Petroliam Nasional Bhd’s (Petronas) rating will focus on whether the management plans any reduction in its capital expenditure (capex), operating expenditure and dividends.

The ratings agency said yesterday that its review would also look into how Petronas, which is a national oil company (NOC), manages its level of borrowings.

It pointed out that Petronas (A1) has maintained a financial profile that has been strong for its rating, while the sovereign’s rating was A3 Stable.

…

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Talisman holds hope for Sabah O&G jobs

April 8, 2016

Talisman, job provider.

Dateline 2016-02-19, Daily Express:

Talisman Malaysia Ltd is in the process of finalizing the design of a 3,700-tonne Wellhead Riser Platform and 350-tonne bridge that will link to the existing Kinabalu platform in the west coast of Sabah.

Construction of these new facilities, which started in April, is expected to generate new job opportunities for locals in the oil and gas sector, at a time when many players are feeling the crunch of falling oil prices.

The oil price dip has forced several companies to resort to cutting expenditure and workforce.

According to Talisman, the project would take about 18 months to complete.

“This development project will create opportunities for Malaysian suppliers and service providers involved in the fabrication, installation and commissioning phases, and also for the subsequent drilling operations that follow in the third quarter of 2017,” Talisman said in a statement.

…

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Petronas to conduct tests on gas pipeline

April 7, 2016

Dateline 2016-02-20, Borneo Post:

Petronas is conducting a series of tests on the Sabah-Sarawak Gas Pipeline (SSGP) from February 15 to July 3 as part of its continuous efforts to ensure the integrity and safety of SSGP that runs from Kimanis, Sabah to Bintulu, Sarawak.

In a statement yesterday, the company advised the public not to be alarmed by the occasional hissing sounds, increased number of vehicles and workers along the pipeline and flaring at the Sabah Oil and Gas Terminal (SOGT) in Kimanis.

It will continue to engage the communities residing along the pipeline to update on the progress and measures undertaken throughout the duration of the tests.

Petronas is committed to the highest levels of international HSE standards to ensure the safety of the communities and environment in all areas of its operations, the statement added.

 

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