Umwog stock quote velesto energy bhd bloomberg markets. It is a drilling rigs with high specifications and greater technologies. When met on the sidelines of the briefing, an analyst said umw holdings exit from the oil and gas sector is positive as it would save costs. The umw og will first acquire governmentlinked private equity firm ekuiti. Our community of passionate, curious minds is one that turns values into vision and ideas into action. Please fill in the values above to have them entered in your. Update 1malaysian drilling services firm umwog to buy icon. The earnings impact on singapore rigbuilders keppel corp and sembcorp marine are marginal in 2015 due to their secured order book and long project durations, but the cut in new order wins is negative for future earnings, leading to. The companys line of products and services include drilling and workover services for exploration, development, and production of wells in malaysia and southeast asia through several offshore drilling rigs and hydraulic workover.
We provide drilling and workover services for exploration, development and production wells in malaysia and southeast asia with our fleet of. Spence introduction the deepwater horizon oil spill in the gulf of mexico has underscored, once again, the magnitude of the risks assumed by those engaged in and affected by oil and gas development. The company is engaged in providing corporate management, administrative and professional services, as well as financial support to its subsidiary companies. We provide drilling and workover services for exploration, development and production wells in malaysia and. The last day to obtain this special rate is november 18, 2015. The umw group is an rm11 billion company and ranks among the foremost corporations listed on the bursa malaysia. Oil and gas the umw group holds exclusive rights for toyota in malaysia whilst being the biggest local shareholder in perodua.
Umw oil in strong debut, petronas goodwill makes for rosy outlook. This corporate video provides an overview of the impact umw makes in this core business. Umwog optimistic of turning around this year borneo post. Umw naga 5 is currently working in the philippines while the vietnam market is being serviced by umw naga 2 and umw naga 3. We provide drilling and workover services for exploration, development and production wells in malaysia and southeast. In view of the lower oil prices, petroliam nasional bhd petronas is looking at cutting its 2015 capital expenditure capex by 15% to 20%. This is due to, among other factors, the oversupply of rigs and support vessels. Umw oil and gas corporation bhd umwog is cautiously optimistic of making a turnaround in the current fiscal year if last years positive momentum continues. The umw group is one of the largest company and also one of the leading industrial enterprises, serving the economies of malaysia and the asiapasific region.
The companys line of products and services include drilling and workover services for exploration, development, and production of wells in malaysia and southeast. About velesto energy bhd velesto energy berhad provides services to the oil and gas industry. Yet oil and natural gas will continue to fuel and power the worlds economy for decades to come. Umw naga 2 had undergone 5 years sps 951527715 a cj46x100d jackup rig from gustomsc.
Update 1malaysian drilling services firm umwog to buy. Velesto energy berhad malaysia marine, offshore oil. Despite the plunge in oil prices of more than 40%, energy stocks outperformed the broader market, ending the day down 1. As at 31 december 2015, the icon group has 33 vessels available for charter and operating in waters off malaysia, brunei and thailand. Comment oil price slump hits osvs the gradual decline in international oil prices has had repercussions for malaysias o. May 18, 2015 while low deal values and fewer deals might be the order. Umw holdings berhad engages in the automotive, equipment, manufacturing and engineering, and oil and gas businesses in malaysia and internationally. Sectors with the most companies in this category are logistics, construction, oil and gas, building materials and property development. For mhb, alliancedbs research said it would face challenges from the persisting low crude oil price coupled with increasing competition. In areas where oil is found in shallow reservoirs, seeps of crude oil or gas may naturally develop, and some oil could simply be collected from seepage or tar ponds. This ipo set to be the biggest in malaysia this year. Malaysian umw oil and gas acquisition of compatriots icon offshore and orkim has fallen through. Analysts cut mhb, umwog target prices on lower oil price.
Umwog banks on middle east new straits times malaysia. A random check shows that 75 listed companies or 8. Click on the orange rss button to go to the subscribe page. As a result, the company has cut half of its workforce since 2015. It was converted into a public company under its present name on 14 may 20 and was listed on the main market of bursa securities on 1 november 20. Oil price will start to recover slowly in next months till end of. It is a drilling rigs with high specifications and greater technologies featuring several upgraded safety equipment and etc. This was first reported on thursday by malaysias the edge markets which cited unnamed sources, only to be confirmed later by umw itself in a bursa malaysia filing. Cimb equities research has advised investors to accumulate shares of umw oil and gas umw og due to the strong order book of rm1.
The university of mary washington umw in fredericksburg, virginia, was founded in 1908. Oil and gas service providers cannot afford to be choosy. Order book naga 6 naga 8 naga 2 naga 7 rm 833 m total contract value rm 689 m remaining. Feb 29, 2008 malaysias umw to spin off oil and gas business. It also notably holds the franchise of toyota forklift, komatsu, case, pennzoil, kyb, bomag and rosenbauer. The plunge in energy prices was exacerbated after railroad commission of texas, which oversees oil and gas companies, delayed a vote on mandated production cuts demanded by midsized shale oil drillers. Umw og now operates in seven countries, with the other six being china, vietnam, myanmar, the philippines, thailand and turkmenistan. Historically, we know the tales of eternal fires where oil and gas seeps ignited and burned. Umw holdings is planning to exit from its oil and gas business through a demerger of umw oil and gas corporation umwog with the distributioninspecie of its entire 55. The umwog will first acquire governmentlinked private equity firm ekuiti. Jan 19, 2017 separately, umw holdings which owns a near 56 percent stake in umw og said it would exit the oil and gas business by distributing umw og shares to shareholders and selling its other energy.
See more ideas about gas, oil and gas, petroleum engineering. Malaysias umw to spin off oilandgas business reuters. We provide drilling and workover services for exploration, development and production wells in. General name umw naga 4 design keppel fels b class design delivery april 20 construction yard keppel fels yard, singapore jack up type independent leg jack up drilling rig. Cimb equities research has advised investors to accumulate shares of umw oil and gas umwog due to the strong order book of rm1. Long time no see my umw bought in year 2004 and still holding a very little my cost was rm2. Corporate social responsibility in the oil and gas.
Subscribe to our rss feeds and get the latest bursa malaysia news delivered directly to your desktop. Others with net gearing of above 80% include power companies, telecommunications companies and building materials companies. Americans enjoy a quality of life today that depends largely upon a stable and abundant supply of affordable energy. Important relevant dates for renounceable rights date. The company offers drilling services for exploration, development, and production wells. Oil has been used for lighting purposes for many thousands of years. Upside to the oil price will be caplikely pedby strong production capacity and weak. Na president rohaizad darus said the number of contracts available had declined by 30% compared to a year earlier. The energy portfolio managed by the blm includes oil and gas, coal, oil shale, tar sands, and increasingly, renewable sources of energy such as wind, solar and geothermal. The umw group is rm10 billion company and ranks among the foremost corporations listed on the bursa malaysia. Malaysias umw to spin off oil and gas business 2 min read kuala lumpur, feb 29 reuters malaysian carstoenergy group umw holdings bhd umws. Umw oil in strong debut, petronas goodwill makes for rosy. Pdf corporate social responsibility in the oil and gas. Foursquare uses cookies to provide you with an optimal experience, to personalize ads that you may see, and to help advertisers measure the results of their ad campaigns.