Scomi gets RM2.1b Petronas Carigali job

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KUALA LUMPUR: Scomi KMC Sdn Bhd, a member of Scomi Group Bhd, has been awarded a contract worth RM2.1 billion by Petronas Carigali to supply drilling fluids, barite materials, equipment and services for a five-year period beginning March 1, 2013.

This confirms an earlier report by The Edge weekly that Petronas Carigali has picked Scomi over a few international names to get the lion’s share of the five-year contract under the RM8 billion to RM10 billion Pan Malaysia mega tender.

In an announcement to Bursa Malaysia yesterday, Scomi Group said the contract award is expected to contribute positively towards the earnings and net assets per share of the company for the five financial years ending March 31 2013 to 2018.

In 2006, Scomi received a much smaller five-year drilling fluids contract worth US$500 million (RM1.55 billion) from Petronas.

Scomi Group recently underwent a restructuring exercise which saw the disposals of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to another listed arm, Scomi Marine Bhd (SMB)

This resulted in SMB becoming an integrated oil and gas, marine and drilling service provider, in which Scomi Group has a controlling 65.65% stake.

The group had tendered for two packages under the Pan Malaysia mega tender for its conventional and unconventional packages worth RM3.11 billion to RM5 billion last July. It also tendered for a three-year contract from Petronas Carigali for integrated services in Turkmenistan, worth US$40 million.

Scomi hopes to increase its existing order book of over RM2 billion in the oilfield service segment by participating in tenders worth in excess of US$1 billion internationally.

Among other contracts that its oilfields services unit had won are a three-year contract worth RM380 million in Indonesia to provide drilling fluids and completion services, estimated to run from July this year; a RM93.6 million contract in Myanmar, and a RM130 million contract in Qatar. The contract awards in Myanmar and Qatar were announced on Dec 7 and Aug 23 last year respectively.

The group is also believed to have been successful in its bid for a US$40 million job offered by independent oil producer, Dragon Oil (Turkmenistan) Ltd, in Turkmenistan for the supply of drilling fluids.   

Scomi Group recorded a revenue of RM1.59 billion and a net profit of RM18 million for its 2012 financial year ended Dec 31. The group reported a net loss of RM232.33 million in the 2011 financial year.

This article first appeared in The Edge Financial Daily, on March 8, 2013.

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