Prorate bonus
Prorate AL..

Medical Insurance cover continue.

NPCC-Technip consortium lands big Malaysia CCS contract

Abu Dhabi-based National Petroleum Construction Company (NPCC) has announced that its consortium with Technip Energies has secured a major Feed contract from Petronas Carigali for one of the world’s largest carbon capture and storage (CCS) projects at the Kasawari gas field off the coast of Sarawak in Malaysia, thus marking its entry into Southeast Asian market.

NPCC, headquartered in Abu Dhabi, is a leading engineering, procurement and construction company that provides total EPC solutions to both the offshore and onshore oil and gas sectors.

Technip Energies is a leading engineering and technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management.

Following an extensive prequalification and selection process, Petronas Carigali, a subsidiary of Malaysian energy giant Petronas, has awarded NPCC, a subsidiary of consortium leader National Marine Dredging Company.

NPCC said The Kasawari CCS project, which is regarded as one of the world’s largest offshore CCS projects, is expected to process an average of 3.7 million tonnes of carbon dioxide (CO2) annually and is scheduled to start up in 2025.

As per the deal, Technip Energies will bring its technological know-how, overall project management capabilities and innovative solutions from early stage to project delivery, and NPCC will draw on its project management skills for EPC projects, its global experience in offshore installation and fabrication capabilities.

NPCC and Technip Energies have collaborated for decades, executing together several landmark projects and have recently reinforced their cooperation through a strategic partnership to accelerate the energy transition, it added.

CEO Engineer Ahmed Al Dhaheri said: "We at NPCC are proud to see the quick results of our recent strategic agreement with Technip Energies. Both of us have aligned plans and strategies for the renewable and decarbonisation sector, which enabled us to win the contract for one of the largest CCS projects in the world."

"We are further supporting the group’s vision to drive business diversification by expanding into several growth sectors, underlining NMDC’s reputation as a global EPC and marine dredging services major. Through this contract, we are marking our entry in Southeast Asia. We will continue to explore opportunities to deliver our world class capabilities through new partnerships and project wins," he added.

Technip Energies CEO Arnaud Pieton said: "We are honoured to be entrusted by Petronas Carigali, along with our long-lasting partner NPCC, for the development of their flagship Kasawari CCS project which contributes to their aspiration of achieving net zero carbon emissions by 2050."

"Leveraging our technological and technical expertise in the carbon capture domain, our 40 years of continuous operations in Malaysia designing and delivering some of the most complex assets and our strategic agreement with NPCC, we are committed to make the Kasawari CCS project a success and reference in the industry," he stated.

According to him, NPCC and Technip Energies’ strategic partnership will focus on capturing opportunities in energy transition and on fostering the best engineering practices.

It will also enhance cooperation in blue and green hydrogen and related decarbonisation projects, CO2 capture in addition to industrial projects in the fields of waste-to-energy, biorefining, biochemistry, ammonia as well as other energy transition related themes, he added.-TradeArabia

Yes Kasawari Carbon Capture FEED is ongoing for 2 months already and the ITB was issued for EPCIC scope to both bidders.

Seem like McDermott is busy in hiring for their FPU project..

As the project required knowledge on NOPSEMA, I believe this should be for Australia Oil and Gas..

Likely Shell's Crux project methinks

varified with old colleagues who are still there. even offshore allowance takes months to paid

I just noticed there is Scarborough FPU project at Australia..

McDermott is constructing the Scarborough FPU

Energy Intelligence reports that PTTEP has awarded the FEED contract for Lang Lebah CCS work but it's behind a paywall...

that has been done for 2 months now.
Its by Ranhill Worley ..
the major FEED not awarded yet.

That's correct but not in its own yard in Batam but in a yard in China that they are associated with.
For MDR KL, major project now is Scarborough as it is quite big
Marjan project ongoing but not much for engineering - mostly supply chain and pmt.

Does anyone here know who bought/is buying Armada Claire and where it's going to be used?

https://www.theedgemarkets.com/article/cove...rgy-got-mess-it

High salaries and related-party transactions
From FY2013-FY2022, Sapura Energy paid out total dividends of RM480 million. But huge salaries, incentives and payments were made out to Shahril and his vehicle Brothers Capital Sdn Bhd (co-owned with his brother Datuk Shahriman Shamsuddin), which wholly owns Sapura Holdings Sdn Bhd, which in turn now owns 12.82% of Sapura Energy.

Shahril drew huge remuneration and incentives from FY2014 onwards, even as the company posted losses from FY2016. His annual remuneration and incentives were between RM71.9 million and RM89.4 million from FY2014 to FY2018 (see Chart 4). His total income from FY2013 to FY2021 was RM443.9 million, or an average of RM49.3 million per year for nine years.

In FY2016, when Sapura Energy posted its first post-merger loss, Shahril’s remuneration was still a whopping RM83.4 million, down only marginally from the RM89.4 million in FY2015 when both Sapura Energy’s profits and his remuneration were at record highs. In FY2018, the company posted RM2.5 billion of net losses, but his remuneration was still a whopping RM71.9 million.

Apart from high salaries and incentives, there were also other forms of related-party transactions, with substantial payments made by Sapura Energy to both Sapura Holdings and Sapura Resources Bhd (a separate listed company controlled by Shahril and Shahriman), which owns an office building rented to Sapura Energy.


A notable feature was “intellectual property rights, trademarks and branding” fees, which totalled RM62.5 million in FY2013 and RM70 million a year in FY2014-2018 to both Sapura Energy and Kencana’s major shareholders (see Table 4).

From FY2013-2021, the company paid out RM438.4 million in such fees, of which RM295.8 million went to Sapura Holdings and RM142.7 million to Kencana Capital Assets. There was also total office rental of RM149.4 million paid in FY2013-2021 to both Sapura Resources and Kencana Capital Assets.

In total, excluding the related-party transaction office rental, we estimate Shahril and Shahriman’s Sapura Holdings received RM1.17 billion from FY2013-2021, comprising RM444 million in remuneration, RM296 million in IP rights and trademarks, RM350 million from the SapuraCrest-Kencana merger cash distribution exercise and RM79 million from dividends (See Table 5).

In comparison, all shareholders (excluding Shahril and Sapura Holdings) received just RM401 million in dividends. To cut a long story short, one single shareholder received three times what was paid to all other shareholders.

This amount of RM1.17 billion received by Shahril personally and with Shahriman’s companies, is equivalent to a hefty 9.2% of Sapura’s total Ebitda of RM12.7 billion earned over the past 10 years.

Seems like the major shareholders apart from Shahril were sleeping on the job to agree to these terms.

More like they don't care anymore about the company, with mergers, money coming in, the number one thing in their mind is to cash out from the sinking ship, not saving it or they just don't know how to.
As the usual word we hear, no sense of "ownership". lol

This post has been edited by feekle: May 6 2022, 04:16 PM

just inquiry after the new management changed at PNB, why do they don't ask this Shahril to go asap that time? Considering he is taking this much remunerationwhile the company is losing a lot.

Still available for sale..

Which FPSO is Shapoorji using for Limbayong project? any rumors' heard on Limbayong?

Any reason why Hyundai is losing out on Rosemari & Marjoram?

since the rumours has been saying Samsung is to be awarded

Because Samsung bid is lower?