Jobs for Construction Engineer with Shell MDS

Currently we are looking a good candidate for our client(Shell MDS) for the role ofConstruction Engineer.

 

The requirements are: Min Degree(preferably Mechanical), 4-7 years of experience in downstream construction projects, some piping and mechanical background would be an advantage.

 

Please assist me in locating the right candidate from one of your colleagues as this is an urgent role to be based in Bintulu.

 

If anyone interested, please submit your resume/CV to DharamjitS@fircroft.com

 

Appreciate your help very much.

 

Thanks.

 

Best regards,

  
Dharamjit Singh

Recruitment Consultant
Fircroft Group
Tel: + 60 3 9205 7742
Fax: + 60 3 9205 7745

Email: DharamjitS@fircroft.com
Web: www.fircroft.com/my

Address: Fircroft Malaysia Sdn. Bhd.
Level 8, Pavilion KL,
168 Jalan Bukit Bintang, 55100, Kuala Lumpur

Various Oil and Gas Jobs in Kuala Lumpur

Following positions in an oil and gas firm on a permanent basis.

 

 Senior Static Equipment Engineer
 Min 10 Years Experience in related field
 Bachelor Degree
 based in KL
 Malaysian preferred

 

 Structural and Lifting Specialist
 Min 13 Years Experience in related field
 Bachelor Degree
 based in KL
 Malaysian preferred

 E & I Specialist
 Min 13 Years Experience in related field
 Bachelor Degree
 based in KL
 Malaysian preferred

 Metering Specialist
 Min 13 Years Experience in related field
 Bachelor Degree
 based in KL
 Malaysian preferred

 Well Integrity Specialist / Engineer
 Min 13 Years Experience in related field
 Bachelor Degree
 based in KL
 Malaysian preferred

 

If anyone interested, please contact or submit your updated resume/CV topaul@bravelia.com or call him directly at +65 90602492

Best Regards.

 

Paul

Bravelia Energy Services Pte Ltd
Mobile:+65 90602492 

Email: paul@bravelia.com

Barakah Offshore Pre-tax Profit Soars To RM57.55 Million

Barakah Offshore Petroleum Bhd's pre-tax profit for the financial year ended Sept 30, 2013 soared to RM57.55 million from RM39.45 million recorded in 2012.

Revenue jumped to RM298.9 million, for the period under review, from RM201.96 million chalked up in the corresponding period, the company said in a filing to Bursa Malaysia Tuesday.

It said the higher results were due to the better performance in the pipeline and commissioning services segment, and, installation and construction services segment, which contributed approximately 59.11 and 40.89 per cent, respectively, towards the turnover.

The board believed the group would continue to enjoy positive growth given its order book of approximately RM756 million for the next five years.

"The group will continue to leverage on its core competencies and its newly completed pipe-laying accommodation barge, known as "Kota Laksamana 101", to look for opportunities for projects in the oil and gas industry," it added.

Source: Bernama

 

Oil and Gas Jobs with Shell Brunei

Looking for candidate as below position:-

 

Planning Engineer - Hold an appropriate Technical qualification and have minimum five (5) years’ practical experience relevant to planning of minor and/or major projects, both offshore and onshore, in the Oil and Gas industry.

 

Civil/Structural Engineer - Have 15 years experience of which twelve (12) years must be of practical engineering design experience (designer/ drafting level is not included) appropriate to the discipline in the offshore and onshore oil and gas industry

(b) At least three (3) years shall have been spent in the overall coordination and supervision of an engineering design team

 

Mechanical/Rotating Engineer - Hold a recognised degree in mechanical engineering or equivalent and have minimum 10 years of mechanical design engineering practical experience in the offshore and onshore oil & gas industry.

Have 7 years’ experience in the upstream oil and gas facility design and preferably two (2) years in a leading/ coordination role in multi-discipline team.

 

Location          : SHELL BRUNEI

Duration          : 24 months

 

Please email to Rainani_Jamalodin@fwuk.fwc.com or Rainani@ope.com.mytogether with your update CV (Microsoft Office).

 

STRICTLY FOR QUALIFIED CANDIDATE(s).

Bumi Armada Secured Contract To Supply And Operate FPSO in North Sea

Bumi Armada Bhd (Bumi Armada) announced that it has secured a Letter of Interim Agreement from the UK-listed EnQuest and its partners to supply and operate a Floating Production, Storage and Offloading (FPSO) vessel for the Kraken field in the North Sea. The Kraken field lies in Block 9,350 kilometres (km) north east of Aberdeen, Scotland, and 420km west of Stavanger, Norway.

 

This signifies Bumi Armada’s maiden entry into the large FPSO segment, which brings its total FPSO fleet to seven, placing it among the largest FPSO players in the world.According to HwangDBS Vickers Research Sdn Bhd’s (HwangDBS Vickers Research) analyst, the contract value has not been disclosed yet and the final award is expected to be concluded by November 30, 2013.

 

“We understand that the contract could offer an eight-year firm period and a 17-year extension given the field’s expected production life of up to 25 years. We estimate the charter rate at around US$550 per day, suggesting a whopping US$1.6 billion (circa RM5 billion) contract for the eight-year duration.”

 

The analyst noted that the earnings forecast has been raised to account for the contribution from Kraken FPSO in FY14 and a similar large FPSO in FY15 given Bumi Armada’s focus in this segment which has high entry barriers.

 

“A financing agent has been appointed for this US$1 billion capital expenditure (capex) project which entails 30 months of conversion period before first oil in 2016 to 2017. We expect Bumi Armada’s balance sheet to stay healthy at 0.9 times by FY15.”

 

Meanwhile, analyst Aaron Tan of MIDF Amanah Investment Bank Bhd research arm (MIDF Research) said this job win comes as little surprise as it was much anticipated since August/September 2013. In addition, he highlighted that the company is still a strong contender for the Madura FPSO job by Husky Energy worth around US$400 million.

 

“We are maintaining our buy recommendation premised on expanding topline, increasing orderbook quality value with sizable extension options, sustainable margins of more than 20 per cent, and undemanding valuation,” Tan noted.

 

Source: Borneo Post

Petronas Awarded RM10 Billion Contract To Six Firms

Petronas has awarded a major 13-package, five-year offshore hook-up, commissioning and maintenance services contract with a total work value of about RM10 billion to six local providers.

 

The Pan Malaysia Integrated Hook-Up and Commissioning and Topside Major Maintenance Contract was awarded to Kencana HL Sdn Bhd, Dayang Enterprise Sdn Bhd, Petra Resources Sdn Bhd, PBVJ Sdn Bhd, Carimin Engineering Services Sdn Bhd and Sigur Ros Sdn Bhd for five years beginning this year.

 

The contract involves hook-up, commissioning, maintenance services for offshore facilities and manpower requirements for the execution of the respective work scope.

 

“The award of this major contract is Petronas’ acknowledgment of the capability of local service providers, including Bumiputera companies,” said Petronas vice president of Petroleum Management, Ramlan A Malek in a statement yesterday.

 

The six contractors will be providing hook-up and commissioning and topside major maintenance services to nine Petronas production sharing contractors, including Petronas Carigali Sdn Bhd, Sarawak Shell Bhd, Sabah Shell Petroleum Co Ltd and ExxonMobil Exploration and Production Malaysia Inc.

 

The Pan Malaysia Integrated Hook-Up and Commissioning and Topside Major Maintenance Contract is one of Petronas’ largest service contracts currently in place. It is part of Petronas’ continuous efforts to further optimise project deliveries and offshore activities in terms of costs and schedule while at the same time drive and support the growth of capabilities among Malaysian service contractors.

 

Source: Bernama

RM2.83 Billion Invested In Sabah Oil And Gas Sector

Sabah's oil and gas sector has attracted investments worth RM2.84 billion as of July this year, said Deputy Chief Minister Datuk Raymond Tan Shu Kiah.

Tan, who is also state Industrial Development Minister, said Sabah has received many inquiries from investors keen to invest in the sector.

"This is a good sign of increasing investor confidence in the state," he said in reply to a question from Datuk Dr Jeffrey Kitingan (Star-Bingkor) at the State Legislative Assembly sitting here today.

Tan said last year, Sabah attracted RM5.03 billion in investments, making it the third-ranked state nationwide in terms of investments received.

He said the state government has provided industrial sites to develop the oil and gas as well as oil palm sectors, including the Palm Oil Industry Cluster (POIC) in Lahad Datu and Sandakan, the Sipitang Oil and Gas Industrial Park (SOGIP), and the Kota Kinabalu Industrial Park (KKIP).

Tan added that Sabah will leverage the opportunities provided by the development of the oil palm biomass industry, which can generate investments worth RM30 billion nationwide.

Source: Bernama

THHE Fabricators Receive Letter Of Award To Fabricate Wellhead Platform

THHE Fabricators Sdn Bhd, a subsidiary of TH Heavy Engineering Bhd, has received a Letter of Award from Lundin Malaysia B.V. to undertake the fabrication of wellhead platform (WHP) for the Bertam Field Development project.  

It is a one-off contract and scheduled to complete in about 12 months. 

The contract is expected to contribute positively to the earnings and net assets per share of TH Heavy Engineering for the financial year ending Dec 31, 2013 and 2014, respectively, TH Heavy Engineering said in a filing to Bursa Malaysia Tuesday.   

Source: Bernama

Pirates Hijacked Tanker in Strait of Malacca

Pirates hijacked a second tanker in a month off the Malaysian coast near Singapore, Asia’s biggest oil-trading hub, according to the International Maritime Bureau. Ten pirates armed with guns and knives boarded a vessel about 7.3 nautical miles (13.5 kilometers) west of Malaysia’s Pulau Kukup in the Strait of Malacca, forcing the crew to transfer its gasoil cargo to another ship, the IMB’s Piracy Reporting Center said in a Nov. 7 incident report on its website. The attack was about 34 miles west of Singapore, according to the co-ordinates recorded by the agency.

 

The Malacca Strait, which connects the Indian Ocean with the South China Sea and Pacific Ocean, is one of the world’s two “most strategic chokepoints” for oil trade along with the Strait of Hormuz in the Persian Gulf, according to the U.S. Energy Information Administration. It’s the shortest sea route between the Middle East and Asia with about 15.2 million barrels of oil a day transported along the waterway in 2011, according to the EIA. About 90 percent of that was crude.

 

“Perhaps it’s the work of some kind of gang,” said Captain Mathew Mathai, the marine manager at the Nippon Maritime Center in Singapore, a research group funded by the Nippon Foundation. The attack is similar to those occurring off the coast of Nigeria because the pirates siphoned off the cargo, he said by phone today. “You need an empty ship to transfer the cargo to. It may be a syndicate in operation.”

 

Gasoil Cargo

 

The oil-products tanker contained gasoil, the IMB said in an e-mailed statement today. A fishing vessel was the only ship to be hijacked in the Strait of Malacca in all of last year, according to the organisation’s website.

 

The incident follows the hijacking of an oil-products tanker off Malaysia’s Pulau Aur in the South China Sea on Oct. 10, about 67 miles northeast of Singapore. Pirates stole the ship’s cargo before abandoning it on Oct. 15, the IMB’s website shows. The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia reported that a vessel called the Danai 4, carrying marine gasoil from Singapore to Vietnam, lost contact with its owners in the area on Oct. 10, according to an alert on its website.

 

Singapore, at the southern end of the Malacca Strait, was the world’s biggest container port in 2012 after Shanghai and the busiest trans-shipment hub. It’s the site of Royal Dutch Shell Plc’s largest oil refinery globally.

 

There have been 206 reported incidents of piracy worldwide this year, including 11 hijackings, data from the IMB showed. The number of attacks fell globally to 188 in the nine months to September from 233 for the same period last year. The number of armed robbery attacks on vessels in Indonesia is rising, the IMB said on its website Oct. 17.

 

Source: Bloomberg

Barakah Offshore To Secure Up To RM600 Million Contracts Yearly

 

 

Barakah Offshore Petroleum Bhd, an oil and gas services provider, which made its debut on the Bursa Malaysia Main Board today, aims to secure between RM500 million and RM600 million worth of contracts yearly, supported by continuous demand in the industry.

Vice-President-cum-Chief Financial Officer Firdauz Edmin Mokhtar said the contracts will be secured through its three core businesses -- pipeline services; transportation and installation; and hook-up commissioning.

"Currently, the pipeline services are the largest contributor to Barakah's earnings. We expect transportation and installation business will be the next key contributor as the company has invested a lot in the assets given its business potential," he said.

Among the assets is a new pipelay barge "PLB-Kota Laksamana 101, which the group expects to be a catalyst for its growth in the transportation and installation segment, he told a press conference after the listing.

The listing saw Barakah gaining a 33 sen premium to 98 sen over its initial 65 sen offer price, with 1.4 million shares transacted at the opening bell.

"With the listing, the company is eyeing between 20 per cent and 30 per cent increase in revenue for its current financial year," Firdaus Edmin said.

For the financial year ended Sept 30, 2013, the group recorded about RM202 million revenue, with net after-tax profit of about RM33 million.

Barakah's shares rose 46.5 sen to close at RM1.00, with 63.272 million lots transacted.

 

Source: BERNAMA

Petronas Gas Earnings Boosted by Melaka LNG Regasification Terminal

Petronas Gas Bhd (Petronas Gas) saw a boost in its earnings driven by the recognition of deferred tax assets arising from an investment tax allowance granted for its liquefied natural gas  (LNG) regasification terminal in Melaka. In addition, the company is expected to be the biggest beneficiary of rising gas demand as the additional gas volume will pass through its Peninsular Gas Utilisation (PGU) pipeline.

 

Analyst June Ng from HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) said that the earnings boost from Melaka regasification plant was driven by higher gas transportation revenue and contribution. Ng added that second quarter 2013 (2Q13) net profit was boosted by RM592 million tax allowance granted to its LNG regasification terminal. Excluding the tax allowance, nine month core earnings of RM1.1 billion for 2013 was within the research firm and market’s expectations.

 

“Gas production growth in Malaysia has lagged demand growth due to low subsidised gas prices at just one third of market rates. We expect a gradual increase in subsidised gas price under the ongoing move towards fiscal consolidation. Higher gas prices would encourage higher capital expenditure by Petronas and LNG imports.

 

“Petronas Gas will be the biggest beneficiary of rising gas demand as the additional gas volume will pass through its PGU pipeline. The outlook for Petronas Gas is promising with Petronas’ plan to invest RM15 billion to find new gas to meet rising demand in Peninsular Malaysia. It is also poised to secure overseas ventures given its strong balance sheet,” Ng explained.

 

The research division of MIDF Amanah Investment Bank Bhd (MIDF Research), however, noted that Petronas Gas’ normalised 9M13 earnings of RM1,175.1 million barely kept pace with estimates and represented a moderate growth of 5.9 per cent year-on-year (y-o-y).

 

According to MIDF Research, 9M13 revenue slumped marginally 0.3 per cent y-o-y to RM1,135.6 million as performance-based structure income were lower from decreased butane and ethane productions. Higher income from propane helped offset the decline in the former.

 

However, operating profit climbed 5.8 per cent y-o-y resulting from accounting treatments – lower depreciation expense of property, plant & equipment (PPE) from reclassification of components and useful lives. Operating margins expanded three percentage points to 53.4 per cent.

 

“Segment revenue for 9M13 increased by RM47.9 million to RM885.6 million. This was caused by higher capacity booked by customers. In-line with the increase in revenue, segment operating profit grew 7.9 per cent y-o-y, supported by margin expansion of 1.5 percentage points to 78.6 per cent,” noted the research house.

 

Nevertheless, it expects Petronas Gas’ we are regasification segment to contribute around RM135 million and RM150 million to FY14 and FY15’s bottomline.

 

It increased its FY14 forecast earnings of the company, upwards by 12.1 per cent, assuming better ontributions from the LNG regasification segment.

 

HwangDBS Research retained a positive view on Petronas Gas and said, “We like Petronas Gas for its resilient earnings with no fuel risk, strong parental support, solid balance sheet, and promising growth prospects supported by Petronas’ larger O&G capital expenditure.

 

“It will also enjoy stronger earnings from the Melaka LNG plant, and Sabah power plant from FY14.”

Source: Borneo Post

UMW-OG Made An Impressive Debut With 20 Sen Premium Above IPO Price

UMW Oil and Gas Corporation Bhd (UMW-OG) made an impressive 20 sen premium debut on the main market of Bursa Malaysia yesterday, and aims to increase its overseas contribution by the second quarter of next year.

 

UMW-OG, under the stock short name UMWOG and stock code 5243, initial public offering (IPO) had raised approximately RM2.7 billion including over-allotment and claims the title of Malaysia’s largest listing thus far in 2013. The market capitalisation of UMW-OG, based on the price of RM2.80 per share for the enlarged share capital of 2,162,000,000 shares post-listing, is approximately RM6.1 billion.

 

In a press statement, the company said it had secured overwhelming demand from a mix of local and international institutional investors for its shares. A total of 21 cornerstone investors anchored the transaction, subscribing to an aggregate of 399 million shares, representing approximately 18.5 per cent of the enlarged and paid-up share capital of the company.

 

Its institutional book was oversubscribed by 55 times with its shares priced at the top of the indicative range while its retail offering to the Malaysian public tranche witnessed an over subscription rate of 10.7 times.

 

President Rohaizad Darus was quoted by a local media as saying that the leading oil and gas player, was looking at opportunities in the Asia Pacific region in the long term.

 

“With our drilling rig, Naga 3, catering to a contract scheduled to commence in Vietnam next year, we are looking at more forays into the overseas market,” he added.

 

He was speaking at a press nonferrous in conjunction with UMW-OG’s listing on Bursa Malaysia, which is the country’s largest for 2013.

 

UMW-OG has four drilling rigs and is expected to take delivery of another next year. According to Rohaizad, who is also UMW-OG’s non-independent executive director, about 30 per cent of the company’s business at present comes from operations in Thailand, Vietnam, China and Turkmenistan.

 

Rohaizad said in a statement, “To further fuel our growth, we have spread our wings across Southeast Asia, with contracts in Indonesia, Vietnam and Thailand.

 

“We are also active in Asia Pacific region with facilities in China in the east and Turkmenistan in the west. Existing presence in these countries provide us with a solid platform to expand further into Asia Pacific and the global arena.”

 

Rohaizad said UMW-OG’s core business remains in the shallow water and due to the shortage of rigs, is unable to leverage on all the opportunities within the region.

 

“For the next five years, there are enough opportunities in the Southeast Asian region,” he added.

In Malaysia, UMW-OG has eight to 12 existing contracts, which are due to expire by the end of next year.

 

Rohaizad said UMW-OG is also looking into buying more rigs and the listing is to secure additional funds for this purpose. The company has allocated a large portion of the total gross proceeds of approximately RM1.7 billion to acquire, upgrade and maintain drilling rigs and hydraulic workover units as well as to acquire and upgrade its machineries for oilfield services as part of its capital expenditure.

 

On UMW-OG’s dividend policy, he said, there was no fixed policy but in the long term, the company aims to give out dividends on an increasing quantum. He also described UMW-OG’s share price performance on the Bursa Malaysia as commendable, with a comfortable premium based on the current market situation.

 

As at midday, the counter jumped 32 sen above its IPO price at RM3.12 and ended at RM3.10 per share with 221.3 million shares traded.

 

Meanwhile, Reuters reported UMW-OG market cap of RM6.5 billion ringgit dwarfed local rivals Perisai Petroleum Teknologi Bhd and Coastal Contracts Bhd which are each valued at around RM1.6 billion.

 

The robust debut comes after its IPO priced the top of a tight indicative range of RM2.70 to RM2.80 in mid-October on strong demand from institutional investors.

 

Twelve-month target prices set by six brokerages ranged from RM3 to RM3.36, according to a Reuters survey.

Source: Borneo Post

Oil and Gas Jobs in Abu Dhabi

Our client is seeking to hire the following positions. If anyone interested, please sent your resume/CV to projects@manavconsultants.com

1. Senior Planning Engineer
2. Operations Support SH
3. Training Instructor
4. Training SH
5. Procurement Contracts Engineer
6. Senior Electrical Engineer
7. Plant Operations Operator
8. Pipeline Supervisor
9. Pipeline Technician
10. Well Head Specialist
11. Section Head Document Control
12. Smart Plant Engineer
13. Senior Inspection Engineer
14. NDT Technician
15. Chemist Supervisor
16. Laboratory Technician
17. Workshop Engineer
18. Workshop Supervisor
19. Mechanical Technician
20. Mechanical Supervisor
21. Senior DCS System Engineer
22. Shutdown Engineers
23. SAP Systems Reliability Engineer
24. SAP Systems Officer
25. Senior Contracts Engineer
26. Station Outside Operators
27. Maintenance / Shutdown Planner
     

Best Regards,
 
Priyanka

Recruitment Executive
Shivagi Nagar,Pune-05
Desk- 020  65210958/020 25512151/
Email: projects@manavconsultants.com
Web: www.manavconsultants.com

Average Salary Increase of 5.7% in 2014

Malaysian employees are expected to see an average salary increase of 5.7% in 2014, higher than the national average salary increase of 5.3% this year, given the good growth prospects for local businesses going forward, according to a latest survey by Towers Watson.

 

Findings of the 2013 General Industry Total Rewards Survey – Malaysia also found that employee turnover rate in the general industry in Malaysia has increased to 13.2% in 2013 from 12.3% last year.

 

"Manufacturing, conglomerates and financial services industries were experiencing high staff turnover, with manufacturing experiencing 24% employee churn, conglomerates at 14%, business process outsourcing at 19% and financial services at 13.3% this year," said Towers Watson in a statement yesterday.

 

It attributed a key reason for the higher turnover rate in the Malaysian general industry to employees feeling that the economy will remain stable despite the uncertain global climate.

 

"Another reason is that local organisations are also actively taking steps to improve their employee value proposition to attract top talent besides offering higher salaries and faster growth opportunities" said Towers Watson global data services practice leader for Southeast Asia, Sean Darilay in a statement yesterday.

 

He said an earlier Towers Watson's 2012 Global Workforce Study revealed that 51% of Malaysian employees felt that they have to switch to another organisation to advance in their career or to achieve higher job level, with an "alarming" 83% of them willing to relocate to achieve this.

 

"It is unsurprising that career development is a priority for employees in Malaysia where growth prospects are brighter. As the working class population expands, many young workers are demonstrating a strong desire to build a successful career in line with their aspirations to achieve a better quality of life," Darilay said.

 

"Employers should also recognise that while pay is still an important element in the equation, the key is to be able to design a comprehensive employee value proposition that balances different drivers and motivators of performance," he added.

 

Entry level salaries for fresh graduates increased by 8% in 2013 and ranges between RM2,400 and RM2,800 per month. In comparison to this, entry level salaries for MBA graduates range between RM2,600 and RM3,000 per month.
 

The survey findings noted that positions in sales, information technology, finance, marketing and customer services/technical support remained as hot jobs.

 

"This is due to the continuous need for organisations to strengthen their brand, improve sales leading to improved ROI and reduce operations costs by improving technology efficiency and productivity," Darilay said.

The 2013 General Industry Total Rewards Survey – Malaysia saw over 350 organisations from across industries in Malaysia participating. It is an annual survey that provides insights into current compensation practises and trends in Malaysia, thereby aiding organisations to make informed decisions with respect to their total reward programmes.

 

Source: The Sun

UMW Oil & Gas to Tap Into Regional Energy Demand

UMW Oil & Gas Corporation Bhd (UMW O&G) hopes to continue tapping into the region’s growing energy demand.

 

Currently, Asia accounts for 39 per cent of global energy consumption, which Douglas Westwood expects to rise incrementally over the next twenty years from 2011 to 2030, says non-independent executive director and president Rohaizad Darus.

 

“This clearly places us in a favourable environment,” he told The Borneo Post via email.

 

“We are proud to potentially be the biggest initial public offering (IPO) in Malaysia this year and we hope this reflects the great trust and commitment that is placed in us by not only the investment community, but the business community and industry as a whole.”

 

UMW O&G is due to be admitted to the Official List of the Main Market of Bursa Malaysia Securities Bhd on November 1, 2013 and will have a market capitalisation of approximately RM6.1 billion upon listing.

 

“As a listed company, we are looking forward to taking all opportunities presented to us to increase our value to our shareholders, customers and partners,” he added.

 

With regards to Sarawak in particular, Rohaizad said currently the group does not have any operations, but added that, “We are always interested in new regions and opportunities subject to close evaluation and will of course monitor the region as part of our post-IPO expansion plans.”

 

The group currently hold a seven per cent and 11 per cent market share in Southeast Asia in offshore drilling and workover services respectively.

 

“In Malaysia we have 21 per cent and 36 per cent of the market share in offshore drilling and workover services respectively.

 

“We have a strong backlog which, as of June 30, 2013, totalled approximately RM1,471.3 million.”

 

The firm also has plans to establish the UMW Drilling Academy, which is expected to be in operation by early next year to train more people to ensure a continuous supply of skilled personnel to feed into the group’s expansion plans.

On October 18, UMW O&G IPO to the Malaysian public comprising 43.24 million issue shares has been oversubscribed and the balloting of successful applications was conducted.

 

Subsequent to the close of the institutional offering to Malaysian and foreign institutional and selected investors (institutional investors), including Bumiputera investors approved by the Ministry of International Trade and Industry, the institutional price has been fixed at RM2.80 per share on October 18, 2013.

 

Accordingly, the final retail price for the IPO shares under the retail offering was also fixed at RM2.80 per share.

 

As the Final Retail Price equals the retail price as set out in the Prospectus dated October 3, 2013 issued by UMW Oil & Gas Corporation Bhd, there will be no refund to be made to the successful retail applicants.

 

Based on RM2.80 per share, UMW O&G’s IPO will be the largest IPO in Malaysia thus far this year, with its RM2.36 billion offering attracting substantial interest from international and Malaysian investors alike, evidenced by its institutional book being oversubscribed by approximately 55 times.

 

Commenting on the progress of the IPO process thus far,  Rohaizad  said, “We are extremely pleased and honoured that the investment community has been so supportive of our IPO plans and I truly feel that this represents the great confidence investors have in UMW O&G.

 

“Upon achieving our plans to list, we will strive to live up to investors’ expectations and continue to provide value and growth to our stakeholders and new shareholders as a listed entity.”

 

UMW O&G’s proposed listing has attracted a strong network of cornerstone investors, 21 of which who have agreed to purchase an aggregate of 399,000,000 shares, representing 18.5 per cent of the enlarged issued and paid-up share capital of UMW O&G.

Source: Borneo Post