they postponed the move from Mines to their new spanking building in KL.

No fireworks.. Speaking about 2023 plans.
There will be some form of retrenchment


This post has been edited by ZZMsia: Feb 16 2022, 04:00 PM

https://www.theedgemarkets.com/article/serb...SbgccY.facebook


Ernst & Young Consulting Sdn Bhd (EY Consulting) said Serba Dinamik Holdings Bhd had known from the day that it was appointed that Muhammad Syahrizal Abd Rahim, who is a partner in E&Y PLT and a registered auditor, would be conducting the special independent review (SIR) that was required.

At the High Court on Wednesday (Feb 16), EY Consulting's counsel Gopal Sreenevasan argued before Justice Datuk Ahmad Fairuz Zainol Abidin in online proceedings that the term special auditor within Paragraph 2.24 of the Main Market Listing Requirements (MMLR) does not necessarily mean an auditor per se as the scope is wider, because it has nothing to do with audit or financial numbers or accounts or financial statements.

“It has to do with ascertaining whether the findings made by the statutory auditor of Serba Dinamik, namely KPMG, [were] correct. We say that the words should mean something other than the statutory auditor should be given emphasis.

“Furthermore, as shown, Syahrizal who is appointed — and this was informed to Serba Dinamik — is a partner in E&Y PLT and recognised as a qualified auditor as shown. Prior to the release of the FFU [fact-finding update] there had not been any problems regarding EY Consulting's status,” he added.

Gopal was rebutting claims by Serba Dinamik’s counsel Mak Lin Kum that EY as a consulting firm had not been recognised by the Finance Minister as an auditor, and that it had misrepresented itself as an auditor within the meaning of Paragraph 2.24 of the MMLR.

Mak had earlier referred to a letter from EY Consulting dated July 2, 2021 which referred to Paragraphs 2.23 and 2.24 of the MMLR to conduct the SIR of the statutory audit by KPMG, Serba Dinamik's former external auditor.

“The firm Ernst & Young PLT is a recognised auditor while EY Consulting is not and it is not registered with the Audit Oversight Board. Hence, my client is taking issue on that and hence questioned whether EY Consulting should be allowed to reveal the FFU and other findings in the first place.

“Hence, Serba Dinamik contends that the appointment of EY Consulting should be declared null and void and ab initio,” he said.

This post has been edited by ZZMsia: Feb 16 2022, 10:50 PM

Is Sapura as we know it well and truly dead?

In a coma.

This post has been edited by Stamp: Feb 17 2022, 03:30 PM

FEED Kasawari Phase 2 Update:

Petronas awards dual FEED contracts for world's largest offshore CCS project

- Petronas has awarded parallel front-end engineering and design contracts for its Kasawari phase two project offshore

- Petronas has pitted compatriot Malaysia Marine & Heavy Engineering (MMHE) against United Arab Emirates contractor National Petroleum Construction Company (NPCC).

- MMHE has teamed up with Ranhill Worley for its successful bid while NPCC has chosen Technip Energies is the engineering partner for NPCC.

- The FEED work is expected to take eight months to complete.

- The expected follow-on engineering, procurement, installation and construction contract is scheduled to be awarded in the fourth quarter, possibly in tandem with Petronas taking the final investment decision.

- Kasawari 2 requires the construction and installation of a fixed platform with both the jacket and topsides weighing between 10,000 and 14,000 tonnes apiece.

- This new platform will be bridge-linked to the Kasawari phase one central processing platform, with a new 138-kilometre 16-inch subsea pipeline delivering the compressed CO2 for injection at a depleted reservoir at the M1 field
.
- Petronas plans to deploy some of its own technologies, including the PN2 hollow fibre membrane, Cryomin — cryogenic distillation for high CO2 concentrations — and corrosion prediction software for supercritical CO2, for both the capture and storage elements of the Kasawari CCS project.

#Kasawai #CCS #Petronas #MMHE #engineering #construction #projec

This post has been edited by Stamp: Feb 17 2022, 03:34 PM

Indian-Malaysian venture submit sole bid for Limbayong floater

Malaysian national oil company Petronas has received only one bid in its latest attempt to procure a floating production, storage and offloading vessel for the Limbayong project offshore Sabah, East Malaysia.

The bid for the FPSO contract was submitted by a consortium comprising Malaysia’s MTC and India’s Shapoorji Pallonji Oil & Gas (SP Oil & Gas).

The offer is being evaluated by Petronas, but multiple market sources expressed doubt whether MTC and Shapoorji would be awarded the contract given political complexities and question marks about the economics of the FPSO.

Limbayong is a prestigious project as it is Petronas’ first deep-water oilfield development in Malaysian waters.

However, the effort to secure the leased FPSO has been a stop-and-start affair for several years, with at least two previous bidding exercises.

This has taken a toll on FPSO contractors which have chosen to focus on other business opportunities and, hence, resulted in the current sole bid.

FPSO market sources were very surprised that Sabah International Petroleum (SIP), owned by the Sabah state government, did not submit an offer, although there were some suggestions in the market that a counter-offer could materialise featuring the brand new Sabah state company SMJ Petroleum.

Market sources were unanimous that the bidding exercise is heavily imbued with politics given the field is located in Sabah waters and recent agreements between Petronas and the Sabah state government ostensibly geared toward satisfying the state’s desire for a larger slice of its oil and gas pie.

MTC with Shapoorji and SIP were among the bidders in last year’s aborted FPSO tender process. Others contractors then interested included Bumi Armada, MISC and Yinson Holdings.

FPSO specs
It is understood the FPSO requirement is for a vessel capable of producing 60,000 barrels per day of liquids, including 40,000 bpd of oil, plus about 180 million cubic feet per day of gas.

Water injection facilities for up to 75,000 bpd would also be included. The FPSO is expected to have a nameplate storage capacity of 600,000 barrels of oil.

On offer previously was a firm 12-year lease period, and the contract carried two three-year options and another for a further two years.


One industry source said that TechnipFMC is pressing ahead with the subsea works on the deep-water project.

The London-headquartered subsea giant was tasked with the design, manufacture, delivery and installation of subsea trees, manifolds, umbilicals, flexible risers, flowlines, jumpers and other associated subsea hardware for the project.

At a ceremony to celebrate TechnipFMC’s contract, Petronas chief executive of upstream, Adif Zulkifli, said: “We hope the project… will give confidence and invite potential investors to collaborate further in maturing the country’s deep-water resources.

"Apart from monetisation, Limbayong will be a platform to enhance our internal capabilities in preparing for the next deep-water projects not only in Sabah but also in other regions.”


Companies such as Bluewater, Sofec, National Oilwell Varco’s APL division, and London Marine Consultants had been suggested as potential providers, and market sources confirmed that Bluewater, APL and London Marine are competing.

The Limbayong field contains an estimated proven and probable reserve of 139 million barrels of oil and 784 billion cubic feet of non-associated gas.

Water depths at Limbayong, which straddles blocks G, J and R offshore the state of Sabah, range to in excess of 1200 metres.

Petronas is understood to have a 90% interest with E&P Malaysian Ventures on 10%.

Petronas had not responded to a request for comment on the status of the Limbayong project and related FPSO tender at the time of publication.

https://www.upstreamonline.com/exclusive/in...ter/2-1-1168491

------------------

What happened to Bumi Armada? No longer part of the consortium? Also, is the project no longer viable? Only one bid, is it worrying?

I believe there is mutual understanding in between Bumi Armada and Shapoorji Pallongi as MTC is in the picture.. MTCE is providing engineering service to SP while SP is acting as financial supporter.

but I don't think they will proceed with single bidder..

Any idea what Bumi is up to these days? They seem to have completely shut down OSV. My uncle worked in their OSV for many years and it was their bread and butter. Now says former SBM guys are in senior positions so the focus is completely on FPSO, but they don't have any recent awards. In fact, in the last 7 years (since 2015), they only have a single award, a minority stake in the upcoming ONGC FPSO with Shapoorji.

So I don't quite understand, they sell off OSV but it's not like they're swimming in FPSO jobs, especially since it's been a hot FPSO market recently.

This post has been edited by contestchris: Feb 18 2022, 10:23 AM

For many years, Bumi Armada is in losses.. That is why Shapoorji come into a picture as JV (financial supporter) start with FPSO project for India water. Bumi Armada may start to look for new FPSO project, but not so soon..

OSV supply is no more their bread & butter, many Malaysia OSV companies bungkus during low price of crude oil..

https://www.bernama.com/en/business/news.php?id=2052950

MISC Net Profit for year 2021 is about RM 1.83 billion...

I can smell good annual bonus for their employees in Q1 this year..

Anyone here dealt with mie offshore?
They offer salaries below current salary.


How to attract staffs? Do they know the market rates?

unless the gov gets em first(somewhat like our big brother P)

the kampit beras n tin sardine cap muka semua perlu duit heheheh

Almost went interview with them back in 2017. Luckily ask the HR what the salary rates, so cancel

yes, the company is the lowest paying consultant amongst the oil&gas consultants. i doubt they can retain good engineers that long with the pay scheme they have now.

Yeah, and theres also people from Petronas on MSC contract that was shocked to get contract offer that was lower.

another is MSOG, last time known as Misi Setia, want to send the engineer to Pengerang with petty low salary

How about Meindhart EPCM ??

their hr keeps sending job opportunities via LinkedIn but never heard any of my circles get the interview there.

Mine too.
Looks like manpower supply for onshore EPCC?