The dollar rate for working in mid east is still not as per the pre-oil price burst days.

The package isn’t as sterling like before. Lodging and transportation are excluded.

Not enough incentives for me to get over the inertia of moving overseas at this middle age.

Anyone knows what's up with this One subsea JV? Heard its a JV between Aker, Slb and subsea 7..alot of my contacts working in those companies have changed their company profile to One Subsea..so meaning no more aker, slb and subsea 7 moving forward?

This post has been edited by GambitFire: Oct 7 2023, 09:19 AM

Handal Energy Berhad Gets Destroyed and Abandoned by Dysfunctional Insiders that Continue Ruining It

Handal Energy Berhad, formerly Handal Resources Berhad was once a Malaysia-based oil and gas company that obtained Bursa listing on July 30, 2009. It operated in the field of manufacturing, maintenance, and servicing of offshore cranes. The Company used to provide offshore crane fabrication, overhaul and maintenance and offshore crane rental; engineering project support services; engineering procurement and construction (EPC) work as well, all for the oil and gas sector. That continued until a few years ago. Now, this company specializes in incurring losses on ever decreasing revenues while looking for new ‘get rich quick’ schemes. One could say that Handal is like an old yet still immature person without any focus that still tries to find his purpose in life not knowing what to do.


Handal's Yard in 2009 (First Annual Report)

While the Company appears unmotivated and aimless, it sure is consistent in delivering decreasing revenues and profits. The diagram below illustrates drop of both measures since covid pandemics. While other oil and gas sector companies rebounded, there is only one trend for Handal: down.



No wonder that the financial results suffered while management went on misadventures. Strangely, the group “recorded a profit after tax of RM12.834 million for the period in 2023 and included in the profit after tax of the group is the gain on disposal of subsidiary amounting to RM17.329 million and reversal of impairment.” With this type of tricks (disposals, reversals) investors have no idea how the company is performing. But it is obvious that company is suffering. As the all-time low share price is reached, so is Handal – sinking like a Titanic after hitting an iceberg, going down fast with all the minority shareholders on board. How can there be any real profit (free cash) when many employees of the Company have not been for months and they protested the Company as seen below in 2022 photo:


Malaysian Trade Union Congress (MTUC) Sec. General, at Handal

While there could be many reasons for this catastrophic performance, complete lack of focus or respect for own business is the root cause for failure. Only on June 27, 2023 Company announced “ambitious diversification plan that paved the way for HANDAL's expansion into telecommunications and marine sand extraction.” Handal was dissatisfied with the “traditional integrated oil and gas business that has been grappling with intensifying competition and escalating raw materials and supply costs.” In a nutshell, Handal no longer had the motivation to compete for new projects in its specialty.


5g Sand Mining at Handal (Joke)

With crude oil price approaching 100 USD per barrel and the revival of Malaysian Offshore Industry, the timing of this policy could not be worse. In addition, there is nothing in common between sand mining and 5g industry. There can be no synergy in developing those two ventures while abandoning own skill set for waste. There can be no reasonable expectation that unmotivated Handal can provide expertise and innovation in these new fields that are as competitive as oil industry service sector.

What on earth (sand) caused the management to undertake such a nonsensical decision is beyond imagination. Handal did not try hard to implement new objectives, with plans collapsing like a broken crane in wind. On September 15th 2023 Company announced in their Proposals that it “plans to dispose its entire stake in Handal Digital and Handal Borneo Resources as their proposed business activities are expected to require significant investment from Handal, typical of the telecommunications infrastructure and marine sand mining industries.” Obviously, money and motivation are not on hand. Hopefully spent on overdue salaries. The virtual profit is NOT available.

In such a situation of distress, it is best to observe the actions that are taken, not the words spoken or put on paper. And those actions are clear: insiders have abandoned the company and liquidated their holdings. All the major shareholders have sold out, leaving the company ownership to the unsuspected minority shareholders. An unprecedented irresponsibility of dumping the shares without even considering replacement to take over the management role.


Workers, Assets, and Investors Abandoned by Insiders during Project Works

There may be silver lining to this story. In view of abhorrent performance and complete failure of this management Handal should end up with new owners, more competent and committed to the business. However, there is a problem. The main figures of the financial tragedy stay in the company collecting salaries while no longer having any interest in it. Top salary is RM1.9+ million – an obscene amount that is higher than the last quarterly revenues of the whole Handal Group (RM1.2 million). The insiders just milk Handal to the fullest, getting paid big while company suffers, while employees are unpaid or paid late. Insiders are just waiting until someone else takes over and shows them the door. The overstayers even brought in a few ‘friends’ that have absolutely no connection to oil and gas industry, nor the experience, to sit on the board of directors. Only a few honourable insiders quit, and minority shareholders should be grateful for it as they vacated space for new arrivals.

It used to be normal in the past that a failing person would leave the scene as soon as possible in order to avoid direct humiliation. This is no longer the case. Handal insiders have no shame. Failing management is sitting tight in the office and getting free money before being kicked out. Let us hope it is not going to be long. And let us hope Handal can return to doing what they can best: fixing cranes and gas turbines.
source

Petronas buys into Cameia-Golfinho, means MISC is now favourite for the FPSO EPCC job?

Look like those from Aker mostly joined this new company. Somehow it is not a complete merger but most staff of Aker PK and KL (Subsea business) are now part of one subsea.

This post has been edited by ZZMsia: Oct 10 2023, 08:34 PM

Port klang factory shows: SLB One Subsea

He's not wrong. The program helps to give experience for those fresh grads who needs o&g experiences for them to be in the industry, because to enter the industry you either need to have experience in o&g, cable or luck. I know a few of these fresh grads from the programs who got decent jobs in or outside the company after / before completing the program, but of course got some who are just lazy and their superior also didn't help to recommend them anywhere

Case in point, I have a friend that graduated from master, got into PET for GEES program, and few months upon completion got into kerang company with starting of 8k.

Has PTTEP issued out the ITB for the Lang Lebah EPIC?

Yes most recently.. Central processing platform bid yet to issue.
Only for WP1, WP2 and accommodation platform

Oh yes. A colleague from one local fabricator told me his company received the ITB for the WHP.

Yes highly likely.

Handal... no comment... this company should close forever...

word has it, got 1 big dude is in control

I’m guessing PTTEP is finding excuses not to invest in CCS venture any soon. It’s a glamour project but has little yield.

In fact Shell recently announced that the company would scale down its so called “renewable energy” division, in short they were laying off ppl soon.

This post has been edited by Stamp: Oct 27 2023, 09:36 PM

Then how to greenwash?

Greenwash ggwp too costly haha.

MMHE records net loss of RM105.21mil in 3Q

As Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) navigates a challenging operating environment, tighter global oil supply and higher prices amid growing global demand could bolster capex spending beyond pre-pandemic levels, said managing director and CEO Pandai Othman.

Reviewing the third-quarter results and outlook for the energy and marine solutions provider, Pandai said this was owing to the recent conflict in the Middle East as well as the ongoing commitment by Opec+ to reduce global oil supply.

Meanwhile, he noted that there are also business opportunities in the renewable energy space, as environmental, social and governance (ESG) initiatives continue to gain in significance.

"We will continue to explore opportunities in both domestic and international markets with increased emphasis on decarbonisation and renewable energy," he said in a statement.

In the third quarter of 2023, MMHE posted a net loss of RM105.21mil, which compares to a net profit of RM15.95mil in the same quarter in 2022.

The group recorded a loss per share of 6.6 sen as compared to an earnings per share of one sen in 3QFY22.

Revenue, however, was up to RM638.47mil compared to RM409.23mil previously due to contributions from new and ongoing projects.

https://www.thestar.com.my/business/busines...m10521mil-in-3q

All the offshore bid's have been sent out by PT T to the bidders.

Anyone know who else participating for CPP?

1. MDR
2. MHB
3. ??
4. HHI??