SCOMIES - OTHERS SCOMI ENERGY SERVICES BHD (“SESB” OR “COMPANY”) - AWARD OF MALAYSIAN SMALL FIELD RISK SERVICE CONTRACT
| Company Name | SCOMI ENERGY SERVICES BHD |
| Stock Name | SCOMIES |
| Date Announced | 11 Jun 2014 |
| Category | General Announcement |
| Reference No | SE-140611-D2783 |
| Type | Announcement |
| Subject | OTHERS |
| Description | SCOMI ENERGY SERVICES BHD (“SESB” OR “COMPANY”) - AWARD OF MALAYSIAN SMALL FIELD RISK SERVICE CONTRACT |
1. INTRODUCTION The Board of Directors of SESB is pleased to announce that Ophir Production Sdn Bhd (“OPSB”), being a joint venture company in which SESB has, through it’s wholly-owned subsidiary, Scomi D & P Sdn Bhd (“SDP”), a 30% interest, has on 11 June 2014 signed a seven (7) year Small Field Risk Service Contract (“SFRSC”) with Petroliam Nasional Berhad (“PETRONAS”) to develop and produce petroleum from the Ophir field, offshore Malaysia. OPSB shall be responsible to implement the approved Field Development Plan (“FDP”) with planned development activities which includes amongst others, the drilling of wells, the installation of a production platform and export and storage of oil via a floating storage facility. The development phase is estimated to cost USD 135 million and First Oil is expected to be produced in 18 months. The shareholders of OPSB are Octanex (50%), SDP (30%) and Vestigo (20%). The shareholders of OPSB had entered into a Shareholders Agreement on 25 March 2014 for the purposes of carrying out the obligations of the SFRSC and to regulate their respective rights and participation in OPSB. This SFRSC marks a new milestone and a new beginning in the SESB’s service offerings in the upstream segment, strengthening SESB’s position in the value chain of the oil, gas and petrochemical industry. 2. DETAILS OF THE SFRSC 2.1 SALIENT TERMS OF THE SFRSC Scope of Work The scope of work of the SFRSC involves the OPSB to carry out the development and production of petroleum from the Ophir field. The SFRSC Period The project will commence immediately upon execution of the SFRSC and will have a term of 7 years. 2.2 SOURCES OF FUNDING SESB will fund its portion of its equity interest in OPSB in relation to the SFRSC from its internally generated funds, bank borrowings and/or proceeds from equity/debt fund raising exercise. The breakdown of the funding is pending finalisation. 2.3 LIABILITIES TO BE ASSUMED No liabilities, including contingent liabilities will be assumed by SESB, arising from the SFRSC, save for the provision of a parental guarantee and a bank guarantee. 3. FINANCIAL EFFECTS At present, the effect on the share capital and gearing will be determined upon the finalisation of the sources of funding, as SESB is in discussion with financial institutions on potential equity/debt fund raising exercise. However, the Board is mindful to maintain a healthy gearing level. The SFRSC is not expected to have any effects on substantial shareholders’ shareholding of SESB. The SFRSC is not expected to have any material effects on the earnings and net assets of SESB for the current financial year ending 31 March 2015. However, it is expected to contribute positively to the future earnings of SESB group. 4. RISKS Risk factors affecting the SFRSC include but are not limited to execution risks such as availability of skilled manpower, technical expertise and materials, changes in prices of materials, and changes in political, economic and regulatory conditions. The shareholders of OPSB will contribute their respective upstream capabilities and experience to the SFRSC. Nevertheless, SESB will undertake all the necessary efforts to mitigate the various risk factors identified. 5. SHAREHOLDERS’ APPROVAL The SFRSC does not require approvals from the relevant authorities and shareholders of SESB. 6. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS In so far as the directors of SESB are able to ascertain, none of the directors of SESB, major shareholders of SESB and/or persons connected with them have any interest, whether direct or indirect, in the SFRSC. 7. DIRECTORS’ STATEMENT This announcement is dated 11 June 2014. The Board of Directors of SESB after considering the various aspects of the SFRSC is of the opinion that the SFRSC is fair and reasonable to SESB and also in the best interest of SESB. | |
SPSETIA - Quarterly rpt on consolidated results for the financial period ended 30/4/2014
| Company Name | S P SETIA BERHAD |
| Stock Name | SPSETIA |
| Date Announced | 11 Jun 2014 |
| Category | Financial Results |
| Reference No | SP-140611-34298 |
| Financial Year End | 31/10/2014 |
| Quarter | 2 |
| Quarterly report for the financial period ended | 30/04/2014 |
| The figures | have not been audited |
- Default Currency
- Other Currency
Currency: Malaysian Ringgit (MYR)
SUMMARY OF KEY FINANCIAL INFORMATION30/04/2014 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
| 1 | Revenue | 952,352 | 753,726 | 1,673,911 | 1,488,655 |
| 2 | Profit/(loss) before tax | 165,372 | 145,130 | 312,536 | 280,861 |
| 3 | Profit/(loss) for the period | 118,398 | 105,578 | 235,387 | 211,325 |
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 74,271 | 94,218 | 171,047 | 187,405 |
| 5 | Basic earnings/(loss) per share (Subunit) | 3.02 | 3.95 | 6.96 | 8.52 |
| 6 | Proposed/Declared dividend per share (Subunit) | 4.00 | 4.00 | 4.00 | 4.00 |
AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | ||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) | 2.3200 | 2.2200 | ||
| Remarks : |
| 1) Comparative amounts have been restated due to the adoption of FRS 10 and FRS 11 during the financial year. 2) The proposed interim dividend for the current financial quarter/period is a single tier dividend of 4 sen per share. 3) The proposed interim dividend of 4 sen for the preceding year corresponding quarter/period consist of: (a) 1.6 sen per share less income tax of 25% (b) 2.4 sen per share (single tier dividend) |
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
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