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 Malaysia Marine and Heavy Engineering Holding, IPO Price RM3.61

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davinz18
post Feb 21 2013, 06:19 PM

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Final single tier dividend of 10 sen per ordinary share

EX-date 14/06/2013

Entitlement date 18/06/2013

Entitlement time 04:00:00 PM

Payment date 02/07/2013
davinz18
post Sep 27 2013, 06:34 PM

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Petronas awards contract to Technip-MMHE JV

Petroliam Nasional Bhd (Petronas) has awarded an oil and gas support services contract for two gas fields in Sarawak to the Technip-MMHE joint venture.

In a statement today, Petronas said the engineering, procurement, construction, installation and commissioning (EPCIC) contract is for the development of gas fields in Block SK316. The gas fields are located some 180km north of Bintulu.

"The EPCIC contract for Block SK316 underwent a bidding exercise in which three companies submitted their bids. They are namely, Berlian McDermott Sdn Bhd; SAIPEM (M) Sdn Bhd; and Technip-MMHE joint venture; via a front end engineering design (FEED) competition with subsequent rollover to EPCIC execution.

"Based on this process, the most competitive bidder has been identified as Technip-MMHE joint venture," Petronas said.
davinz18
post Oct 7 2013, 04:01 PM

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Petronas okays Technip-MMHE Bintulu gas fields project

Technip and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) have received a thumbs up from Petronas Carigali for the construction of two gas fields project off Bintulu, Sarawak.

In a statement on Monday, Technip said both companies “have received confirmation from Petronas Carigali for a substantial engineering, procurement, construction, installation and commissioning (EPCIC) contract for the development of two gas fields in Block SK316”.

According to Technip, the “substantial” offshore contract ranges from €250mil (RM1.081bil) to €500mil (RM2.163bil).
“The EPCIC contract includes a central processing platform and a bridge-linked wellhead platform, which will be constructed at MMHE’s fabrication yard at Pasir Gudang in Johor, Malaysia, as well as a 75km pipeline, which will be installed by one of Technip’s pipe-laying vessels,” it said.
davinz18
post Oct 22 2013, 04:12 PM

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MMHE's Q3 pre-tax profit soars to RM41.12 million

Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) posted a pre-tax profit of RM41.12 million for the third quarter ended Sept 30, 2013 from RM10.25 million in the corresponding quarter of the last financial year.

However, revenue fell to RM449.67 million from RM841.78 million a year ago.

The higher pre-tax profit was due to higher operating profit from the offshore segment, the company said in a filing to Bursa Malaysia today.

"In the quarter under review, the group successfully loaded out the Damar Topside and Jacket for Exxon Mobil Exploration and Production Malaysia Inc and the F14 Jacket for Sarawak Shell Bhd," it added.

On prospects, the group is focused on replenishing its orderbook, with confirmation from Petronas Carigali on the EPCIC development of Block SK316 with its joint-venture partner, Technip.

The Group will also continue to bid for domestic as well as regional offshore development projects.
davinz18
post Nov 13 2013, 09:55 PM

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AmResearch maintains Buy on MMHE

AmResearch has maintained its Buy call on Malaysia Marine & Heavy Engineering Holdings (MMHE) with an unchanged fair value of RM4.30 per share.

“We maintain FY13F-FY15F earnings which assume new annual order intakes of RM2.5bil to RM4bil, as there is likely to be insignificant impact from the loss of the Bertam wellhead platform job to TH Heavy Engineering (THHE),” it said on Wednesday.

AmResearch said THHE announced that it has received a letter of award from Lundin Malaysia BV to fabricate a wellhead platform for the PM307 Bertam Field Development Project - 175 kilometers off the east coast of Peninsular Malaysia.

“We are surprised that THHE managed to secure this project as Upstream indicated earlier that MMHE was expected to secure this contract.

“But we remain sanguine that there will be ramped up interest in the sector given the impending award of the Pan-Malaysia umbrella transport and installation contracts by the end of this year as well as charters for drilling rigs and floating, production, storage and offloading vessels early next year,” it said.

Although MMHE may not directly benefit from these contracts, AmResearch said it could catalyse fresh excitement for fabrication order flows.

“The stock currently trades at an attractive FY14F PE of 23 times – 15% below SapuraCrest Petroleum’s 2007 peak of 27 times,” it said.

 

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