April 29, 2018
Dateline 2018-03-06, Nikkei:
Malaysian oil-and-gas shipping firm MISC said Tuesday it has been giving full support and cooperation to Malaysian Anti-Corruption Commission or MACC on the investigation related to company’s alleged bribery.
“The group has a zero tolerance policy against any form of bribery or corruption by our employees, subsidiaries or any persons or companies acting for MISC or on its behalf,” the company said in an exchange filing.
MISC’s response comes following an earlier report by The Sun newspaper, said officials of MISC were under MACC probe over allegations of power abuse and corruption involving about 109 million ringgit ($27.9 million).
September 12, 2017
MISC is still profitable? Wow. Keep an eye out for a spin off.
Dateline 2017-08-09, Nikkei Asian Review:
MISC, the shipping arm of Malaysia’s national oil company Petronas, said Wednesday its second-quarter net profit fell 58.7% on year, mainly due to write-down on assets, while revenue also declined.
Net profit for the three months ended Jun. 30 totalled 556.50 million ringgit ($129.78 million) compared with 1.35 billion ringgit a year ago, the company said in an exchange filing. Quarterly revenue was down 3.8% to 2.30 billion ringgit from 2.39 billion ringgit a year earlier.
Analysts said MISC’s latest set of results came in largely within expectation after stripping out the one-off impairment and other non-operating losses, although prospects of a sharp uptick in earnings remain bleak.
March 18, 2017
Dateline 2017-02-16, EnergyVoice:
Kuala Lumpur Regional Centre for Arbitration awarded MISC $254.4million in its ruling.
MISC had filed an arbitration proceeding against Sabah Shell in September last year. The firm sought resolution of contractual disputes covering claims for outstanding additional lease rates, payment for completed variation works and other associated costs.
“This adjudication decision is expected to have a positive impact on the earnings per share, gearing and net assets per share of MISC for the financial year ending 31 December 2017 onwards,” MISC said.
The $254million will be paid as increased day rates under the pair’s lease agreement for the construction and leasing of the Gumusut-Kakap semi-floating production system used for the production of crude oil.
August 12, 2016
Go subscribe to the Motley Fool.
Dateline 2016-07-01, Motley Fool:
MISC Berhad (KLSE: 3816.KL), which is listed on Bursa Malaysia (Malaysia’s stock exchange), is currently one of the largest energy shipping companies in the world.
The company happens to be a listed subsidiary of PETRONAS, the national oil and gas conglomerate of Malaysia.
Here are three numbers you need to know about MISC.
Number 1: 33 billion
MISC has a market capitalization of RM33 billion (around S$11 billion) at the moment. That would make it over three times larger than Sembcorp Marine Ltd (SGX: S51), which is already one of the world’s largest oil rig builders.
MISC also generated revenue of RM10.9 billion (around S$3.7 billion) in 2015 and earned more than RM2.46 billion (S$0.82 billion) in profit. This equates to a net profit margin of 22.5% – not bad at all for a company that’s operating in a difficult environment of low oil prices.
March 9, 2016
This is a shout out for the IEM. My Technical Division will be hosting a talk on the 16th March, 2016 by Ir. Saifulbahari. It’ll be at 5:30 pm (makan-makan at 5:00). I’m giving the talk, so turn up.
This presentation will cover the engineering aspects of an external turret system. The external turret system is attached to the hull of the tanker and allows the tanker to freely weathervane and thereby takes up the least resistance to the combined forces of wind, waves and current. The external turret mooring system is composed of a stationary turret part connected to the external vessel’s structure via a roller type bearing. The turret part is secured to the seabed by catenary or (semi) taught mooring legs to provide sufficient restoring forces to keep the vessel within a design excursion limit. This excursion limit ensures the safe working of the underwater fluid transfer riser system from the seafloor to the turret.
Ir. Saifulbahari has more than 15 years of experience in design and project experience in oil and gas, in particular with floating structures (e.g. FPSO, FSO, CALM buoy, Semi).
He started his career in oil & gas as a Mechanical Engineer at Ranhill Worley. In 2002, he has been selected to be part of Project Management Consultant (PMC) to deliver MISC 1st FPSO Bunga Kertas. Subsequently, he also involved in successfully delivering MISC 1st FSO project, FSO Angsi that was completed within 15 months to first oil. His breakthrough in hydrodynamic and mooring design expertise when he worked for 4 years with INTECSEA Perth office and later with SBM Malaysia.
Currently, he is a Senior Manager of Hull & Mooring in OBU of MISC Bhd. He is heading team of 15 engineers consist of Naval Architectural, Structural and Hydrodynamic and Mooring engineers.
Register here or download the form here. A map to Wisma IEM is presented here.
March 20, 2014
How come I wasn’t sent a subpoena? And score one for the ‘disgruntled employee’.
Dateline 2014-02-11, MalaysiaKini:
Petronas subsidiary MISC has surfaced in a global bribery and corruption scandal involving US$10 million (RM33.4 million) of more than US$250 million (RM834 million) in bribes and other malpractices spanning six years, which centres around Dutch oil and gas (O&G) services company SBM Offshore.
According to a document listing possible fraud by SBM Offshore in various countries spanning Africa, Equatorial Guinea, Brazil, Iraq, Kazakhstan and Italy in addition to Malaysia, MISC was allegedly involved in payments to Barnado Limited and Delcom Limited totalling US$10 million (RM33.4 million) related to the Kikeh field floating production, storage and offloading (FPSO) platform.
April 28, 2013
From Reuters, dateline 2013-04-05:
Malaysia’s state owned oil and gas firm Petroliam Nasional Bhd (Petronas) PETR.UL raised the offer price to take over shipping firm MISC Bhd (MISC.KL) in a deal valued at 9.2 billion ringgit ($3 billion).
The revised offer of 5.50 ringgit per share comes after MISC’s other major shareholder, the Employees Provident Fund found the original bid of 5.30 per share to be unattractive.
Petronas did not disclose reasons behind the revised offer on Friday, which is 0.73 percent or four sen higher than MISC’s share close of 5.46 ringgit per share.