Saturday Star 2014-08-16 – Job Opportunities

August 18, 2014

Happy Visit Palembang Week.

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. I need RM360 to get The Star ePaper.

  • SapuraKencana is looking for people. There is a walk-in interview on the 23rd and 24th August, 2014, Renaissance Johor Bahru Hotel, for positions based in Lumut. For Lead, Senior Engineer/Engineer positions based in KL, it’s write in applications only. But the paper shows more positions then on the web page, go figure. Send your CV here.
  • Selangor’s looking for a new MB. Slip your CV under the door, please.

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? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

Some books for you to turn those bad numbers’ frown upside down.

  

Proofiness: The Dark Arts of Mathematical Deception, Bad Science: Quacks, Hacks, and Big Pharma Flacks, How to Lie with Statistics

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Maybank Research retains Overweight on oil and gas sector

July 5, 2014

Who the heck is Yinson?

Dateline 2014-05-14, The Star:

 Maybank Investment Bank Research is maintaining its Overweight call on the oil and gas sector and its top picks are Dialog Group, Perdana Petroleum,SapuraKencana Petroleum, Perisai Petroleum and Yinson.

It said on Wednesday these companies had exposures in the Refinery and Petrochemical Integrated Development  (RAPID), offshore support vessels (OSV), Malaysia exploration and production (E&P), offshore drilling and  floating production, storage and offloading (FPSO).

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Malaysia’s SapuraKencana signs $5 bln refinancing to help fund acquisitions

April 26, 2014

I was wondering where they got their money from. If you are short, I have a mate introduced by Lat at Batu Road if you want a tenner quick.

Dateline 2014-03-20, Reuters:

Malaysian oilfield service provider SapuraKencana Petroleum Bhd said on Thursday it has signed a $5 billion refinancing deal with 13 banks to partly fund two of its most recent acquisitions.

The company bought Seadrill Ltd’s tender rig business in 2012 and the entire equity stake of Newfield Exploration Co’s Malaysian oil and gas assets last year.

The refinancing was also done to replace and streamline its existing borrowing facilities, SapuraKencana said in a statement.

The deal, of which 70 percent is in U.S. dollars, constitutes a senior multi-currency term and revolving facilities with short and long-term tenures of up to seven years, according to the company.

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Overweight on O&G sector: Maybank

April 25, 2014

Here’s me stirring up the market.

Dateline 2014-04-19, Business Times:

Maybank Research maintains OVERWEIGHT rating on oil & gas (O&G) sector with top buys including Bumi Armada, Dialog, SapuraKencana Petroleum (SAKP), Perisai and Perdana.

It noted that interest is wide ranging but most funds tend to be bottom-up driven and stock-selective, seeing strong thematics such as rig building, drilling, OSV upcycles, Petronas capex driving the sector this year.

‘We met up with UK, Hong Kong and US funds during our marketing roadshows in February and March. The interest was across the board ranging from big-caps to small-caps depending on the fund mandate. Funds that have been less Malaysia centric continue to find it challenging to invest in the Malaysian Oil & Gas (O&G) stocks due to their premium valuations relative to the region.

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Mokhzani Reduces SapuraKencana Stake After Malaysian Merger

March 28, 2014

Hey, hey.

Dateline 2014-02-18, Bloomberg:

Mokhzani Mahathir, a son of former Malaysian Prime Minister Mahathir Mohamad, sold part of his stake in SapuraKencana Petroleum Bhd. (SAKP), the country’s biggest oil and gas services company, keeping his share above 10 percent.

Some 190.3 million shares in SapuraKencana were traded off market yesterday at 4.30 ringgit each, amounting to 818.3 million ringgit ($247.8 million), according to data from the Kuala Lumpur stock exchange. Mokhzani and family of the late Chong Hin Loon were sellers of the block, the Star newspaper reported today, citing people it didn’t identify.

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SapuraKencana Completes Purchase of Newfield’s Upstream Assets in Malaysia

March 18, 2014

Yea?

Dateline 2014-02-11, Rigzone:

SapuraKencana Petroleum Berhad, Malaysia’s oil and gas services and solutions provider, announced Tuesday that the company has successfully completed the Share Purchase Agreement (SPA) for the acquisition of Newfield International Holdings Inc.’s entire equity interest in Newfield Malaysia Holding Inc. for $895.9 million.

The acquisition cost is below the $898 million purchase price previously reported as the price was subjected to adjustments as set out in the SPA, SapuraKencana said in a press release.

Following completion of the acquisition, SapuraKencana Energy Inc. (SKEI), a newly incorporated wholly owned upstream subsidiary of SapuraKencana, now holds equity interest in 8 Production Sharing Contracts (PSCs) and one alliance contract in Peninsular Malaysia, Sabah and Sarawak.

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Interview: SapuraKencana to pare debts in three years

December 28, 2013

Dateline 2013-11-01, The Edge:

JUST six months after completing the acquisition of Seadrill Ltd’s Asian rig business for RM8.63 billion, SapuraKencana Petroleum Bhd (SKPB) is now forking out another RM2.85 billion to acquire Newfield Exploration Co’s equity interest in Malaysia.

The latest deal could add to SKPB’s current debt of RM11.4 billion as at July 31, something that has not gone down well with the market.

However, SKPB group president and CEO Tan Sri Shahril Shamsuddin reasons that the debt will begin to pare down substantially by next year.

“We expect our debt to go down to below RM10 billion over three years. Furthermore, the equity would have grown as profitability will increase the equity portion to reduce the debt-to-equity ratio to about 0.8,” says Shahril.

“In the next two years, while our debt level goes down, the focus for SKPB will be to develop the fields in Newfield,” he says, adding that the Newfield assets are cash-generating.

On top of this, SKPB’s other businesses are said to contribute about US$1 billion in earnings to the group while it looks to bid for more acreage and proven reserves for future developments.

Analysts believe the Newfield Malaysia acquisition will increase SKPB’s revenue by US$403.3 million in 2013, with contribution expected to grow by US$600.4 million in 2018.

It will also see SKPB’s earnings before interest, taxes, depreciation and amortisation (Ebitda) growing by US$209.2 million in 2013 and US$396.6 million in 2018 while the incremental increase in net profit would be US$155.8 million and US$289 million respectively.

Analysts expect SKPB’s net gearing to decrease to 1% in 2016 from 1.1% in 2013 and its net debt to Ebitda to decrease to 3.5% from 5.6%.

SKPB was formed after the merger of Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd. Shahril notes that while both companies were growing independently, their debt profile saw a mismatch where long-term investments were funded by short-term debts.

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Newfield Sells Malaysian Offshore Busines

December 21, 2013

Old news, yes.

Dateline 2013-10-22, Rigzone:

Newfield Exploration Company plans to sell its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Berhad for $898 million. The deal is expected to close early next year.

“We have enjoyed significant success in Malaysia and had a great business partnership with Petronas in the region,” commented Lee K. Boothby, Newfield Chairman, President and CEO, in a press release. “In early 2013, however, we announced our intent to exit our international businesses and focus our investments on domestic resource plays.”

In April 2013, Newfield made a large natural gas discovery off the coast of Malaysia in its B-14 well, which encountered 1,585 feet of net natural gas in about 250 feet of water 50 miles offshore. The company estimated there are 1.5- to 3 trillion cubic feet of gas initially-in-place after its discovery.

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Three more firms shortlisted to bid for Newfield assets

October 22, 2013

Now, since the head of PETROFAC is in charge of Vestigo, any ideas who’s the winner among the contenders?

Dateline 2013-08-26, The Star:

SapuraKencana Petroleum Bhd, Talisman and Petrofac have been shortlisted for the second round of Newfield Exploration Co’s oil and gas assets in Malaysia and China, said sources close to the deal.

Last week, Hibiscus Petroleum Bhd confirmed that it had been shortlisted for this two-round bidding process, where the second-round bids are expected to be submitted by Sept 26. The source added that the results for the winning bidder should be known by year-end. Goldman Sachs Group Inc is the investment banker mandated to manage this bidding process. It would appear that only a handful of companies out of the 65 companies that had initially expressed interest for Newfield’s assets worth some US$1.7bil have been selected for the second round.

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SapuraKencana leads M’sia-S’pore companies

August 30, 2013

Dateline 2013-07-22:

From hauling rigs to delivering toilet paper, firms from Southeast Asia are cornering lucrative niches of the oilfield services market to deliver growth that far outstrips that of much larger global peers.

SapuraKencana Petroleum and Ezion Holdings lead a group of top 20 Malaysia- and Singapore-listed companies that grew assets by 30 percent to $8.4 billion last year, according to Reuters analysis of company data.

Their expertise ranges from laying steel pipes at the bottom of the ocean and moving huge rigs from the South China Sea to the Gulf of Mexico, to delivering provisions for the rig crews.

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