June 11, 2014

Company announcements: SCOMIES, SPSETIA

SCOMIES - OTHERS SCOMI ENERGY SERVICES BHD (“SESB” OR “COMPANY”) - AWARD OF MALAYSIAN SMALL FIELD RISK SERVICE CONTRACT

Announcement Type: General Announcement
Company NameSCOMI ENERGY SERVICES BHD  
Stock Name SCOMIES  
Date Announced11 Jun 2014  
CategoryGeneral Announcement
Reference NoSE-140611-D2783

TypeAnnouncement
SubjectOTHERS
DescriptionSCOMI 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

Announcement Type: Financial Results
Company NameS P SETIA BERHAD  
Stock Name SPSETIA  
Date Announced11 Jun 2014  
CategoryFinancial Results
Reference NoSP-140611-34298

Financial Year End31/10/2014
Quarter2
Quarterly report for the financial period ended30/04/2014
The figureshave not been audited

Attachments

Q2 2014 results.pdf
246 KB

  • Default Currency
  • Other Currency

Currency: Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
30/04/2014

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/04/2014
30/04/2013
30/04/2014
30/04/2013
$$'000
$$'000
$$'000
$$'000
1Revenue
952,352
753,726
1,673,911
1,488,655
2Profit/(loss) before tax
165,372
145,130
312,536
280,861
3Profit/(loss) for the period
118,398
105,578
235,387
211,325
4Profit/(loss) attributable to ordinary equity holders of the parent
74,271
94,218
171,047
187,405
5Basic earnings/(loss) per share (Subunit)
3.02
3.95
6.96
8.52
6Proposed/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)
Definition of Subunit:

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:

CountryBase UnitSubunit
MalaysiaRinggitSen
United StatesDollarCent
United KingdomPoundPence


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