Was informed today that it is confirmed FEED competition.
ZLNG also FEED competition.
Looks this is the way to go for big project.

https://www.theedgemarkets.com/article/serb...report-deadline

https://www.theedgemarkets.com/article/sapu...et-sales-likely

On Monday (Dec 6), UOB KayHian downgraded its call on Sapura Energy to "sell" and cut its target price to three sen (from 10 sen).

"We foresee further selling pressure [on Sapura Energy] given rumours of its distress and urgency to sell assets have reached main oil and gas newspapers, the timeline to review covenant waivers is nearing, a low likelihood of selling assets at a decent price, continued losses, and potentially lower leverage to renegotiate covenants after changes in key personnel.

"While developments may be choppy, we assume a worst-case bankruptcy scenario," the research house said.

UOB KayHian added that depending on developments, there is a chance that selling pressure may persist when markets start to price Sapura Energy similar to other PN17 O&G stocks (which also faced covenant breaches, liquidity issues or loan defaults).

On Dec 2, global energy news portal Upstreamonline reported that cash-strapped Sapura Energy looked to have been dealt a blow by failing to qualify for Petroliam Nasional Bhd's prized Kasawari phase two front-end engineering and design contract, with the contractor's financial woes said to be a determining factor.

yes major impact on projects including small MRU projects.
Wonder how is the HESS 3 WHps ongoing now

Mubadala paying subcon directly - for MRU project
this one i was informed too

Malaysian Rating Corp Bhd (MARC) has downgraded Serba Dinamik Holdings Bhd's Islamic Medium-Term Notes (IMTN) rating to CIS from BBIS/Negative.

In a statement on Friday (Dec 10), MARC said Serba Dinamik's Islamic Commercial Papers (ICP) rating remains at MARC-4IS, which is the lowest category under the non-investment grade, reflecting the heightened risk of non-repayment on the outstanding RM100 million ICP.

MARC said the downgrade action is premised on the missed semi-annual coupon payment of US$7 million on the outstanding US$222 million senior sukuk issued by Serba Dinamik's wholly-owned indirect subsidiary, SD International Sukuk Ltd.

"The coupon payment was due on Nov 9, 2021 and the company confirmed that no payment was made during the 30-day grace period which ended on Dec 9, 2021.

"As a result of this default, there is now an increasing likelihood of a cross-default trigger under the IMTN/ICP programmes.

"Should sukuk holders declare an event of default, the ratings of both programmes will be downgraded to DIS," it said.

https://www.theedgemarkets.com/article/marc...imtn-rating-cis

https://www.theedgemarkets.com/article/serb...-coupon-payment

No wonder they have issues on client confidence.

Heard one local project EPCIC in Sarawak (WHP / riser) platform is about to be awarded to their main competitor in Johor.

Heard tender is aborted.

Back to the drawing board

Only 2 bidders invited.
None from Sarawak

Its not Petronas EPCIC project but by Shell

https://www.thestar.com.my/business/busines...false-statement

The SC is also on the lookout for Serba Dinamik group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah.

SC said Serba Dinamik had on Feb 26, 2021 with intent to deceive, furnished a false statement to Bursa Malaysia Securities Bhd in relation to the affairs of Serba Dinamik, and the false statement is contained in “Serba Dinamik Holdings Bhd’s quarterly report on the consolidated results for the quarter and year ended Dec 31, 2020.

It said the company thereby committed an offence under section 369(a)(B) of the Capital Markets and Services Act 2007 (Act 671) and punishable under section 369 of the same Act.

Picking up. Some from fabricator side are quite worried if working with Sapura.. MMHE side is ok
Not sure on drilling and sub-surface sectors.

Petronas hiring thru MSC but limited posts.

Exactly. The timing is opportune for the other fabrication yard.
But this platform is not big.

The letter further suggests the vendor had a tough time dealing with Sapura Energy which is still issuing purchase orders and requesting quotations, but not making payments for the past six months.

“It is almost impossible to get any response from your staff responsible for vendor payments,” noted the open letter.

“We have yet to successfully speak with anyone from your staff regarding our overdue payments as our phone calls have never been answered, and we were turned away when we attempted to visit your offices.”

From the hundreds of e-mails sent to the relevant staff of Sapura Energy, the letter said only two replies were received, one of which dated Dec 13, 2021 which painted an optimistic picture with regard to a possible payment in January 2022.

“Although there are 10 days remaining in this month, it seems highly unlikely that this will materialise,” the letter pointed out.

“I am prompted into writing this letter by an episode earlier this month where we supplied goods which were urgently required by you. Communication from your staff ceased immediately after the delivery of our goods for which we are yet to receive an acknowledged delivery order. Without this, we are unable to submit to you our invoice for this order.”

They ask for material but never pay... facepalm.
Best to keep material till payment completed.

Usually for offshore platform or pipeline, the material already integrated into the structure.. how to reposses?
Better to stop the delivery until full payment is made.

You mean they need to pay 10million to use that name on the building in KLCC?

Has Sapura Energy moved in??

If you want to be based in Malaysia support brazil projects, can try for Subsea 7 , SBM or MISC.

MISC