Shipyards & Oil Services - JPM’s Oil prices at US$82 / US$88 per bbl for FY15/16; POSH SP’s SSAV bid not lowest price

Singapore/Malaysia Offshore & Marine News
Leading FPSO contractors including Bumi Armada, Modec, SBM and Yinson are understood to have Ca Rong Do (Red Emperor) oil and gas project off Vietnam on their target lists. Canada’s Talisman Energy is zeroing in on a final development concept for its Red Emperor project that will centre on floating production facilities. Talisman has run a pre-qualification exercise for FPSO suppliers and an invitation to bid for the shortlisted suppliers should be issued in early 2015. (Upstream, Nov 07)


Dutch-based OOS International has submitted the lowest bid and is leading the race to supply Petrobras with an accommodation and maintenance platform, as the Brazilian oil giant looks to secure a more modern unit to operate in deeper waters and harsher environments. OOS finished first in the tender after it offered the Jasper Cosmopolitan and the Millennium flotels for dayrates of $135,000 each. Pacc Offshore Services (Posh) proposed the Posh Xanadu unit for $150,800. (Upstream, Nov 07)

SapuraKencana has been shortlisted for the engineering, procurement and construction of the Baronia and Tukau Timur wellhead platforms, situated on Malaysia’s Petronas Carigali-operated offshore Block SK 317. The contract award is expected to take place shortly. Previous bidders include, among others, Malaysian Marine & Heavy Engineering, TT Heavy Engineering and Muhibbah Engineering. (Upstream, Nov 07)

Ezion Holdings announced the completion of sale of the Company’s entire shareholding in Ezion Offshore Logistics Hub Pte Ltd and Teras Australia Pty Ltd. for an aggregate consideration of S$55 million. (Ezion Holdings, Nov 07)

Mr Lee Kon Meng has been appointed as Chief Operating Officer of Ezion Holdings Limited. Captain Larry Glenn Johnson re-designated as the Executive Director of AusGroup Limited. (Ezion Holdings, Nov 07)

Petronas subsidiary MISC is understood to be the favoured bidder to provide US oil company Hess with a FSO vessel for the Bergading field development, which forms part of the North Malay basin project. MISC is said to have the edge on two rival Malaysian companies, EA Technique and a subsidiary of Perisai Petroleum. MISC is understood to be working with Monaco-based SBM Offshore, with the latter providing technical help, while Perisai is believed to be collaborating with Emas of Singapore. (Upstream, Nov 07)

Leading Asian oil and gas fabricators are vying for opportunities being offered by North American LNG projects. Malaysia Marine & Heavy Engineering and Hyundai Heavy Industries are some of the interested parties. (Upstream, Nov 07)

Petronas Carigali is set to issue a tender shortly for the provision of a mobile offshore production unit as part of an enhanced oil recovery drive at its Greater D-18 oilfield off Sarawak in Malaysia. Contenders that previously responded to a pre-tender market survey, and which have tried to negotiate directly in recent months, include MISC, Larizz Petroleum, Gryphon Energy, Dialog Group and GOM Resources. (Upstream, Nov 07)

Chan Feoi Chun, Perisai Petroleum, acquired 50,000 shares at RM0.88 per share, changing his direct interest to 0.042%. (Bursa Malaysia, Nov 07)

Dayang Enterprise buys 30.4 million shares at RM50.9 million in Perdana Petroleum in open market. (Bloomberg, Nov 07)

Vallianz Holdings registered approximately US$39.25 million of revenue for the three months ended 30 September, up 504% y/y. Group recorded earnings per share of 0.72 US cents in 9M2014, translating into an increase of 85% from 0.39 US cents in the previous corresponding period. (Vallianz Holdings, Nov 07)

Singapore-based Jasper Holdings has reached an initial agreement to sell the semi-submersible Jasper Cosmopolitan to Singapore-incorporated investment company Alyar Offshore for $75.6 million. (Upstream, Nov 07) (Read Report)

Source : JP Morgan Asia Pacific Equity Research

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