Sapura Energy

Re: Sapura Kencana

Postby winston » Fri Dec 12, 2014 5:13 am

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The Employees Provident Fund (EPF) has continued its shopping spree for shares in the upstream oil and gas (O&G) player, SapuraKencana Petroleum Bhd, with a purchase of 6.26 million shares in the latter.

This brings the provident fund’s shareholding in SapuraKencana to 13.48% as at Dec 8, 2014, the date of the acquisition.

EPF has been on a buying spree for SapuraKencana shares, after several positive news flow from the oil and gas group recently.

On Monday (Dec 8), SapuraKencana revealed improved financial performance for the third quarter ended Oct 31, 2014 (3Q15). It recorded a nearly 42% jump in net profits to RM348.4 million, while its revenue grew 1.2% to RM2.41 billion year-on-year.

Prior to that on Dec 5 (Friday), the company had announced it has been awarded contracts with a combined value of approximately RM1.58 billion.

SapuraKencana closed at RM2.37 today, down half a sen. This gives it a market share of RM14.2 billion. The stock has been on a decline from the start of the year, shedding 51.5% year-to-date.

Source: the Edge
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Re: Sapura Kencana

Postby winston » Tue Dec 16, 2014 6:11 am

SapuraKencana CEO Shahril buys more shares By Shalini Kumar

KUALA LUMPUR (Dec 15): Tan Sri Shahril Shamsuddin, SapuraKencana Petroleum Bhd (SKP) ( Financial Dashboard) president and group chief executive officer, buys more shares in the oil & gas conglomerate.

According to filing with Bursa Malaysia, Jurudata Sdn Bhd, the investment vehicle of Shahril and his brother Datuk Shahriman Shamsuddin, had acquired 5.25 million shares last Friday.

The latest purchase has raised Jurudata’s stake to 16.79%.

Shahril's direct shareholding remained at 0.13% or 7.9 million shares, while Shahriman's direct interest stayed at 0.01% or 506,385 shares.

In a separate filing today shows that the Employees Provident Fund had disposed of 2.46 million shares on Dec 10, to bring its interest to 809.5 million shares or 13.51%.

SPK's shares fell 10 sen to RM2.10 today, with a market capitalisation of RM12.6 billion.

Source: The Edge
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Re: Sapura Kencana

Postby winston » Wed Dec 17, 2014 1:32 pm

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SapuraKencana leads O&G rebound despite weaker oil prices

KUALA LUMPUR: SapuraKencana Petroleum led the rebound of the oil and gas (O&G) stocks on Bursa Malaysia in late Wednesday morning trade despite that crude oil continued to lose ground.

SapuraKencana rose 16 sen, the most since Dec 1, to RM2.24.

RHB Research downgraded the company to Neutral and cut its target price to RM2.20 (an upside of 6%, 10 times price-to-earnings from RM4.02.

The research house said its target price took into account weaker exploration and production contributions in FY16F at a lower oil price assumption and risks of orderbook replenishment for services and rigs internationally.

“Our stress test scenario implies that the stock will continue to face weak sentiment and downside risks that could lower our target price to RM1.99,” it said.

Source: The Star
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Re: Sapura Kencana

Postby winston » Sun Mar 08, 2015 6:54 am

Mokhzani steps further back from SapKen

Source: The Star
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Re: Sapura Kencana

Postby winston » Fri Dec 25, 2015 10:31 am

Higher SapKen earnings seen

BY EUGENE MAHALINGAM

PETALING JAYA: Higher earnings are in store for integrated oil and gas (O&G) firm Sapura–Kencana Petroleum Bhd (SapKen), backed by the company’s ability to continue generating a steady income stream, its strong order book and healthy operating cash flow.

In a report yesterday, Affin Hwang Capital said it was raising SapKen’s 2016 to 2018 financial year earnings (ending Jan 31) based on the company’s strong engineering and construction (E&C) division.

“We are raising our 2016 to 2018 earnings before interest and tax (EBIT) forecasts for the E&C segment by 60%-75%, after imputing for higher revenue from a stronger US dollar as well as higher margins.

“Our previous estimates had been a tad too conservative, in light of the strong nine-month 2016 showings.”

The research house, however, added that the higher EBIT forecasts for the E&C segment are mitigated by our reduced forecasts for the drilling and energy segments.

Nine-month (ended Oct 31, 2015) operating cash flow more than tripled to RM2.2bil from the six-month period.

This was largely due to more efficient working capital management. In addition, there were no net drawdowns on its credit line as of the nine-month period.

The company’s third quarterly earnings fell 62.7% year-on-year to RM129.9mil.

However, the decline was largely due to a RM317.3mil provision made on its oilfields.

Excluding the cumulative impairments of RM857.2mil on its oilfields as well as other provisions and cumulative net foreign exchange gain of RM232.7mil, SapuraKencana’s normalised cumulative nine-month earnings rose by 3.7% year-on-year to RM1.07bil.

The stock ended up 10 sen to RM1.81 on a volume of 12.1 million shares yesterday.

SapKen’s current order book as at Oct 31 stood at approximately RM21bil. According to BIMB Securities Research, the order book division breakdown comprises the E&C division at 75% and both drilling and energy with 13% and 12% respectively.

“In terms of geographical breakdown, the Americas remain the biggest contributor at about 57%, while Malaysia holds about 27%.

“Our revised 2016 estimate was reduced by 2% from RM1,03bil to RM1.01bil as we factored in lower gross profit margin assumptions, offset by higher workflow assumption for the E&C division.”

SapKen’s E&C’s segment revenue and operating profit rose by 13.4% year-on-year and 15.8% year-on-year to RM4.57bil and RM871.9mil respectively, due to newly executed international projects along with higher activity levels locally.

The company’s drilling segment posted revenue rising by 15.9% year-on-year to RM2.2bil while profit before tax rose by 1.8% to RM472.8mil.

The energy segment revenue declined by 26.9% year-on-year to RM1.27bil attributable to lower average realised price per barrel and also lower barrels of oil lifted.

Source: The Star
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Re: Sapura Kencana

Postby winston » Sun Feb 05, 2017 10:03 pm

Tan Sri Shahril Shamsuddin
President and Group CEO
SapuraKencana Petroleum Bhd
Net worth: RM1.765bil

A casualty of the weak oil and gas (O&G) sector, SapuraKencana Petroleum Bhd’s president and group CEO Tan Sri Shahril Shamsuddin, 54 dropped to 29th spot under Malaysia’s rich list 2016 as his net worth eroded by 18.7% to RM1.765bil.

SapuraKencana market capitalisation is slashed by almost half at RM10.49bil compared with RM29.17bil during the O&G heydays back in 2012.

Malaysia’s largest integrated O&G service provider, SapuraKencana came about after the RM11.85bil merger exercise between prominent O&G players - SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd in 2012.

Under a cash and share swap deal, a special purpose vehicle Integral Key Sdn Bhd bought all the assets and liabilities of SapuraCrest for RM5.87bil and Kencana for RM5.98bil, equivalent to RM4.60 per share and RM3 per share respectively.

Shahril who then tookover the helm of SapuraKencana had steered the group to venture into new O&G related businesses and projects both locally and overseas including Australia, Brazil, Mexico, Vietnam, China and West Africa.

Although SapuraKencana has an outstanding orderbook of more than RM20bil, the company itself is being cautious on the outlook because of the changing dynamics of crude oil prices and cut backs in spending by the oil majors.

Towards this end, Shahril was recently quoted as saying that prolonged spending cuts by oil majors will continue to pose “significant challenges” for the O&G industry.

As the number of contracts dwindle, he expects intense competition which would cause the industry to face margin pressures well into 2017.

Source: The Star
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Re: Sapura Kencana / Shahril Shamsuddin

Postby winston » Wed Dec 13, 2017 8:55 am

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EPF ups stake in Sapura Energy to around 11.5%

PETALING JAYA: The Employees Provident Fund (EPF) has upped its stake in integrated oil and gas services company, Sapura Energy Bhd , to 11.508% or 689.61 million shares in the company.

According to a Bursa Malaysia filing yesterday, Sapura Energy said the biggest fund in the country had acquired an additional three million shares in the company last Thursday.

Last Thursday also saw Sapura Energy announcing a huge quarterly loss – causing the stock to plunge 24.5 sen to 96.5 sen on that day in heavy trading.

The company suffered a net loss of RM274.4mil in its third financial quarter versus a net profit of RM158.06mil a year ago as it recorded lower contributions from its engineering and construction and drilling segments as well as lower share of profit from joint ventures.

The lower contribution from joint ventures was owing to a share of loss in the disposal of vessel from SapuraAcerby amounting to RM46.1mil. For the quarter under review, group revenue declined 42% to RM1.28bil from the previous-year quarter.

Source: The Star

https://www.thestar.com.my/business/bus ... round-115/
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Re: Sapura Energy

Postby winston » Fri Jan 05, 2018 5:12 pm

Look Toward E&P Now
Last Traded: RM0.97
BUY

Review

Sapura Energy’s (SAPE) 9MFY18 core net loss of RM224mn (9MFY17:RM389mn profit) was below our full-year forecasts and consensus.

We had earlier estimated losses of RM23mn whilst consensus forecasted FY18 profit of RM86mn.

The earnings miss was largely due to:
1) Lower-than-expected order recognition at the Engineering & Construction (E&C) segment, mainly due to slowdown in activities, particularly in Malaysia and India (due to monsoon season in 3QFY18),
2) Higher-than-expected taxes and
3) Lower-than-expected income from JV & Associates.

The latter was dragged by a RM19mn core loss contribution from Sapura Acergy.

As per prevailing trend, earnings were mainly anchored by the Petrobras PLSV contract, which contributed RM92mn profit in 3QFY18 (2QFY18:~RM80mn, 1QFY18: ~RM100mn). Profits would have been higher if not for some downtime experienced by Sapura Onyx (9MFY18 utilization:
95%) due to damaged pipes.

In 3QFY18, E&P production was higher at 900k boe (2QFY18: 800k boe), enabling SAPE to capitalize on higher crude lifting price of USD58/bbl (3QFY17: USD45/bbl).

As expected, the drilling division sustained pretax losses as utilisation was maintained at 5 working rigs (2QFY18: 5.5 rigs) out of a fleet of 15 rigs. On the bright side, SKD Alliance will commence its new contract in Apr18.

In 3QFY17, SAPE recognised a one-off exceptional share of loss on disposal of vessel from Sapura Acergy (RM46.1mn). Recall that in Oct-17, SAPE and Subsea 7 mutually agreed to discontinue the 50:50 Sapura Acergy JV, which owns the Sapura 3000, a pipelay vessel.

Following this, SAPE became the sole owner of Sapura 3000.

Sequential taxes were higher due to reversals of prior tax provisions in 2QFY18. According to management, profitable entities were taxed at mid-teens rate, whilst some businesses were taxed at the revenue line.

Source: TA Securities
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Re: Sapura Energy

Postby winston » Mon Jan 15, 2018 6:10 pm

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Reality Check

Despite some buying action seen in its shares in the first half of 2017, its shares gave up all of those gains during the second half of last year despite a continued recovery in oil prices.

Last month, Sapura Energy shocked the market when it announced a net loss of RM274.41mil for its third quarter.

It attributed the losses to lower contributions from its engineering and construction and drilling segments, including the lesser share of profit from its joint ventures.

Sapura Energy’s shares plunged some 20% when the results were announced and fell a total of 45% for the remainder of the year until the new year where it gained traction once again.

Source: The Star

https://www.thestar.com.my/business/bus ... kBb16Ei.99
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Re: Sapura Energy

Postby winston » Fri Jun 22, 2018 10:17 am

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Sapura Energy bags nine new contracts worth RM1.8b

by Supriya Surendran

The purpose-built Sapura Esperanza will be used for one well for Shell in F14, offshore Sarawak, and two wells for EnQuest at the Seligi field in Block PM8, offshore Terengganu.

KUALA LUMPUR: Leading oil and gas services provider Sapura Energy Bhd has bagged nine contracts worth approximately RM1.8 billion, bringing its accumulative contract wins to date to RM4.5 billion for the group.

The combined value of the contracts represents a threefold jump or an increase of nearly 250% compared with the value achieved in the same corresponding period in the previous year, between February and June 2017, the group said in its filing with the exchange yesterday.

Through its wholly-owned subsidiaries, the group will be executing a series of diverse jobs across the upstream value chain in Malaysia, Australia, India and Mexico.

In Malaysia, Sapura Drilling Asia Sdn Bhd has been awarded a contract for the provision of its semi-submersible self-erecting tender assist drilling rig, Sapura Berani, and drilling services from Petronas Carigali Sdn Bhd for three wells in Malaysian waters.

In addition, Sapura Drilling accepted an extension of its contract with Sarawak Shell Bhd/Sabah Shell Petroleum Co Ltd (Shell) for the provision of its semi-tender assist drilling rig Sapura Esperanza.

The contract was combined with an additional assignment by Shell to EQ Petroleum Production Malaysia Ltd.

The purpose-built Sapura Esperanza will be used for one well for Shell in F14, offshore Sarawak, and two wells for EnQuest at the Seligi field in Block PM8, offshore Terengganu.

Meanwhile, Sapura Fabrication Sdn Bhd has been awarded a contract by its wholly-owned subsidiary, Sapura Exploration and Production (Sarawak) Inc, for the provision of engineering, procurement and construction (EPC) for SK408 Larak and the Bakong Development Project.

The fields will be developed as two separate wellhead platforms tied back to the existing processing facility and the Petroliam Nasional Bhd Malaysia Liquefied Natural Gas Complex in Bintulu.

Sapura Fabrication has also been awarded a contract by Sarawak Shell Bhd for the provision of EPC for the SK408E Gorek Development and F6 Brownfield Integrated Module Project. The scope comprises EPC works for the Gorek wellhead platform and the new Brownfield Integrated Module on the F6 processing complex.

In Australia, Sapura Energy Australia Pty Ltd won an award to undertake the provision of Riserless Light Well Intervention services for three wells located in the Montara development area, Timor Sea from PTTEP Australasia (Ashmore Cartier) Pty Ltd.

The project will be executed by its DP2 Subsea Construction Vessel, Sapura Constructor, and in-house Light Well Intervention Systems, including the Intervention Compensation System and Subsea Intervention Device.

In India, Sapura Fabrication, which has scored its third contract win during this period, will undertake Subsea Wells and Pipeline Replacement Project V for Oil and Natural Gas Corp Ltd in India. The contract covers the laying of subsea pipelines, installation of umbilical and topside modification on the platforms.

Additionally, Sapura Offshore Sdn Bhd has secured a lump sum turnkey engineering, procurement, construction, installation and commissioning contract from Sikka Ports & Terminals Ltd (formerly known as Reliance Ports and Terminals Ltd).

The scope of work comprises residual engineering and supply of equipment and materials for Berth A2 and modification of Berth D (additional Mooring Dolphin) at the Marine Terminal in Jamnagar, Gujarat, India. Sapura Engineering & Construction (India) Pvt Ltd will undertake the construction, erection, installation, testing, pre-commissioning and commissioning support.

Meanwhile in Mexico, SapuraKencana Mexicana, S.A.P.I de C.V has been awarded a contract to undertake EPC of a gas oil pipeline from the PP-Ayatsil-B platform to the E-KU-A1 platform (line 16) in the Gulf of Mexico for PEMEX Exploration and Production Mexico.

Sapura Energy president and group chief executive officer Tan Sri Shahril Shamsuddin said the new contract wins are a continuation of the group’s strategy to expand its global footprint.

The jobs have various completion time frames, with the latest being the second quarter of 2020.

The group said the contracts are expected to contribute to its earnings for the financial year ending Jan 31, 2019 and beyond, within the duration of the contracts and extension periods.

Sapura Energy shares closed 2.5 sen or 4% lower at 60 sen each, with a market capitalisation of RM3.65 billion.

Source: The Edge

http://www.theedgemarkets.com/article/s ... orth-rm18b
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