P dah offfer. Haha

Sorry i saw female pictures.
Anyhow, it is true MISC no project.

Is Cameia for real though?

Looks like still far from a done deal

https://www.upstreamonline.com/exclusive/ma...pso/2-1-1407761

Guys any idea if Kelidang fpso is a real thing?

Haha Kelidang.. I give up already to follow this project... Penat already since 2018...

Limbayong gone......

This can't be good for local Malaysians in O&G right? If even now there are complaints about expats taking roles that can easily be filled by Malaysians...
Or have I misunderstood the intent of the proposed new process?

https://www.theedgemarkets.com/node/659047

Everyday, I see another person leaving Sap..ra

I hear rumours management have promised increment and bonus this March or April before Raya.

We are beginning to lose the cream engineers to Middle East companies as demand for experienced global oil&gas engineers picks up.

I’ve got several offers for jobs in the Middle East but I wish I were 15 years younger! Too old to live overseas.

Has S settled all its debts?

Heard S was still being excluded from local jobs bids tendering.

Has S settled all its debts?
Answer: No


Heard S was still being excluded from local jobs bids tendering.
Answer: Yes, especially for EPCIC. Major one ITB in 2023Q4 coming up is PTT Lang Lebah..

Financially beleaguered Malaysian operator and contractor Sapura Energy has won a short reprieve that will keep its creditors at bay for a further three months.

On Thursday, a local court granted Sapura and 22 of its wholly owned subsidiaries new convening and restraining orders that effectively halt new, or suspend ongoing, legal actions or proceedings by their creditors until 10 June — giving them extra time to try to restructure their debts.

The order will have the effect of restraining legal proceedings against the scheme companies, enabling them to engage with creditors in their debt-restructuring efforts without being distracted by threat of legal proceedings, Sapura noted.

Commenting on the new court orders, Sapura chief executive Anuar Taib said: “We acknowledge the lengthy negotiations process and would like to thank our financiers and trade creditors for their co-operation during the past year. This has been an uphill journey and we have now come to a crossroad [sic].

“We need to offer a fair landing to our financiers, and at the same time ensure that our trade creditors, who include small and medium Malaysian enterprises, are not short-changed.”

Prospects said to be improving
Sapura said that over the past 12 months it has made significant progress with its reset plan as it focused on completing the debt restructuring exercise and turning around its operations.

Despite limited working capital and macroeconomic challenges, the group said its financial performance improved compared with the previous fiscal year, with all segments posting positive earnings before Ebitda in the first three quarters of the 2023 financial year.

As of the third quarter, the group’s order book stood at 6.8 billion ringgit ($1.52 billion), with contract wins for the year amounting to 3.4 billion ringgit. Meanwhile, the order book of its jointly controlled entities stood at another 5.7 billion ringgit.

“The group retained its capabilities despite financial drawbacks, improving the prospects of the company. The beneficiaries of this turnaround include our vendors and the entire value chain in which we operate,” Anuar added.

Sapura claimed the proof of debt exercise with its trade creditors is on track, with the adjudication process currently ongoing. The scheme companies have received about 1.5 billion ringgit in claims submitted by about 2300 vendors.

Last September, Malaysia’s Corporate Debt Restructuring Committee (CDRC) approved Sapura’s application for the committee’s assistance to mediate in its debt restructuring negotiations with financiers for its multi-currency financing (MCF) facilities.

Sapura presented a draft proposed restructuring scheme (PRS) to the financiers on 20 October and has since been making progress through CDRC-mediated meetings with the financial institutions, to seek feedback on and to refine the terms of the PRS.

“The new convening and restraining orders will allow us to complete discussions with our financiers,” Anuar said.

“Through CDRC’s mediation, we aim to reach an understanding and in principle approval with financiers on the complex debt restructuring exercise involving 10.3 billion ringgit in MCF facilities.”

The committee has extended the standstill period for Sapura and its relevant subsidiaries to 9 September 2023. In line with the CDRC’s Participants’ Code of Conduct, the MCF financiers will be expected to observe the standstill and withhold all legal proceedings or recovery actions under the committee’s regime.

The CDRC is a pre-emptive measure by the Malaysian Government to provide a platform for corporate borrowers and their creditors to work out feasible debt resolutions without having to resort to legal proceedings. This initiative has been put in place to ensure that all avenues are made available to assist distressed corporations to resolve their debt obligations, the committee explained.

The previous convening and restraining orders the court granted to Sapura on 10 March 2022, which were extended on 8 June last year, are set to expire on 10 March 2023.

The court’s latest decision also included the effective appointment of existing Sapura Energy independent non-executive director Lim Fu Yen as the majority creditors’ nominated director on the boards of Sapura Energy and the 22 subsidiaries, replacing Cosimo Borrelli, whose term of appointment under the previous court orders expires on 10 March 2023.
https://www.upstreamonline.com/finance/sapu...oor/2-1-1416137

Yes mostly on contract basis.
Recently a friend of mine left Sapura for T&I Player in Singapore ... Mostly are going to Middle East.
Not only that, some from O&G are going to Orsted (within KL).

I wonder MMHE will team up with which consultant for this delicious Lang Lebah EPCI project. It teamed up with TEN for Kasawari Ph 1, but later ditched TEN in favour for Worley for Kasawari Ph 2.

Now S is out of the picture, will PTT invite outside fabricators to bid for this job? Or would PET allow PTT to do that?

https://twitter.com/energy_blogger/status/1...2401333254?s=19

Would like to share something on here, however can’t share in Telegram due to my profile being known there.
You may screenshot this post and share in telegram.

A few days back, i noticed a post by “Q” on Telegram claiming to be from Tr$$$ Marketplace.
I would like to share 2 colleague’s experience in dealing with this firm.

Their recruiters comprise mostly of newbies that are not really aware of the industry. As such, they were recruiting for Company A and when searching for profiles on Linkedin, they had messaged people from the same Company. As my 2 colleagues did not know which company is hiring (the Company A name was not disclosed), they proceeded to send their CV to the recruiters and only after noticing that the job description is almost matching their current job, they informed the recruiters and were totally shocked.

The recruiters were about to send the staff CV to their own HOD as a prospective candidate.
This happened in 2022.


Truly please beware

I saw a report saying Salam Patawali FID in 2023, not sure can be trusted or not.

At the same time, for local player Bumi Armada, looking at the list of projects to be FID in 2023, their only prospect seeme to be Cameia, but apparently even that is not a done deal.

Projected FPSO/FLNG awards in 2023:

Agogo - Angola - Azule - Contracted
Cameia - Angola - TotalEnergies - Probable
Dorado - Australia - Santos - Probable
SEAP1 - Brazil - Petrobras - Probable
Pao de Acucar - Brazil - Equinor - Probable
Albacora - Brazil - Petrobras - Probable
Atapu-2 - Brazil - Petrobras - Probable
Sepia-2 - Brazil - Petrobras - Probable
Cedar FLNG - Canada - Cedar LNG - Probable
Cap Lopez FLNG - Gabon - Perenco - Contracted
Uaru - Guyana - ExxonMobil - Probable
Liza-7 - Guyana - ExxonMobil - Probable
Salam/Patawali - Malaysia - ConocoPhillips - Probable
Yakaar-Teranga - Senegal - BP - Probable
Port Delfin FLNG1 - USA - Delfin LNG - Probable

Source: CLARKSONS RESEARCH SERVICES

This post has been edited by contestchris: Mar 21 2023, 03:04 PM

Anyone working in Qidong, China? Moving there hopefully next month.

Info on Salam is definitely untrue. As salam yet to be FEED also, will take 1-1.5 years at the very minimum

Albacora - Brazil -

MISC is bidding for this