Icon Offshore in talks to buy Perisai's jack-up rig business

https://www.theedgemarkets.com/article/icon...up-rig-business

Time to start V13 or nobody interested with O&G anymore😅😆

Normal operations, max for some clients 35days.
But I met few positions (catering, client logistic) in Saudi Aramco operations doing 6months Offshore and 1 month Off (related to work visa restriction/requirement/cost).

During covid19, some of our crews now almost 4months onboard due to border still closed. One of them who UK national but married with Thai girl and live in Thai without resident permit😅.

And he also resigned & replaced by Tan Sri Shamsul

https://www.theedgemarkets.com/article/expe...energy-chairman

Offshore Oil & Gas Drilling Companies Update:

✅ Companies Filed for Bankruptcy:

◼ Diamond Offshore: Filed for Chapter 11 bankruptcy in April 2020 with net debt of $2.6 Billion.

◼ Noble Drilling: Filed for Chapter 11 bankruptcy in July 2020 to handle a $3.4 Billion debt.

◼ Valaris plc: Filed for Chapter 11 bankruptcy in August 2020 to handle its $7 Billion debt load.

✅ Who Is Next?

◼ Transocean: At a market value of $1 Billion, Transocean has a timebomb of $8.1 Billion net debt. The company has high probability of bankruptcy.

◼ Seadrill: Delisted from NYSE, currently traded as a penny stock, has $7.5 Billion in debt. High probability of going into second round of bankruptcy in less than 3 years.

◼ Borr Drilling: $1.8 billion in debt, struggling with liquidity, received delisting warning from NYSE as its stock price trading below $1/share. But the good news is, it obtained significant amendments to facilities from its secured lenders & shipyards.

◼ Shelf Drilling: Seeking talks with creditors over loan covenants that take effect next year. Received contracts suspension & termination from various operators.

◼ Maersk Drilling: Received a couple of drilling contract termination notices over the past few months.

Petronas announces salary cuts but will not retrench staff

https://www.freemalaysiatoday.com/category/...retrench-staff/

Just sharing...

“ As the national oil company plans to cut costs as part of its strategy to address the market, the group is, however, considering salary cuts, Tengku Muhammad Taufik told the media at the group's results briefing today.

There is no concrete decision on the timeline and the quantum, he added.

"I would like to stress that our employees are our most valuable assets. It is not my intention to opt for retrenchment," he said, adding that the group will face the tough times ahead "as a family".”

https://www.theedgemarkets.com/article/no-j...muhammad-taufik

Sapura Energy's founder Shahril to retire in March, names Anuar Taib successor


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WOW! But he must be on the high bracket salary as my friend said the reduction based on the salary level...like tax structure...

Interesting....

"In the statement, prosecutors described an alleged scheme in which Sapura, a joint venture in Brazil between Sapura Energy and Seadrill, allegedly paid bribes worth 1.5% of the contracts it won with Petrobras. Some of that bribe money appeared to have made its way back to two "high-ranking" Sapura Energy executives in Malaysia, prosecutors said, without providing names."

https://www.theedgemarkets.com/article/sapu...orruption-probe

SDRL - Seadrill
VAL - Valaris
NE - Noble Drilling
PACD - Pacific Drilling
SHLF - Shelf Drilling
RIG - Transocean
DO - Diamond Offshore


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I hope they not blown a lot of money to this external consultants...OR perhaps hopefully they will get something good to be implemented after advised by consultants.....

Icon Offshore Strikes Deal to Buy Perisai Pacific 101 Jack-Up Rig

https://www.oedigital.com/news/482148-icon-...101-jack-up-rig

Fully agree. Just dont understand why no big push by client on this. Also see in some of their contract clearly stated requirement for expat eventhough the positions can be filled by experienced local talent. And even worse, when proposed to nationalize some positions, client rejected due to no confident with local people😞.

Now during covid, management maybe realized how easy their live to manage resources if the personnel from Malaysia, reduced all the travel hussle.

More and more recruitment companies looking for people inside the country and ready to mobilize.

But one more concern on this will be the package offered to the local people...lower pay of course...

Good to see price picking up a bit...
At least good for us where the rig dayrate based on average brent price.

🤞🏻🤞🏻🤞🏻


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Velesto Trainee Scheme (VTS)

Good Luck!



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Sapura Drilling


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You know for which client Bro?

Berkshire Hathaway has filed their 13-F and disclosed a $4.1B investment in Chevron.

Chevron is now a top-10 holding for $BRK.A