Most manpower company got 1 month notice period to letgo. So easy by them

I heard it’s about 3k to be let go.

Anyone got full article?

https://www.upstreamonline.com/exclusive/pe...eld/2-1-1726935

MODEC.
18 days AL
Medical: Individual + Family
No permanent position
2 years Contract position..
Based in Bangsar / South

direct contact with modec kah? no opportunity to become permanent even performance okay?

Did not ask this as was not interested with the offer... decided not to proceed with interview..

Looks like conclusion is going to come out soon

Things are going to get interesting end of this year , seems like they're sticking to their guns.

20-25B Impact / Year

40B 5 Year Capex Plan should be an interesting stimulus to the local O&G economy , wonder how people are going to go around the SWK walled garden though. Pipu with swk license/SWEC code is going to be really hot soon.



This post has been edited by CertifiedHomphobe: Nov 2 2024, 02:34 AM

Toyo Engineering and Construction conducted a townhall today whereby they informed permanent employees of all grades that they would be on forced Annual Leave (Forced AL) with salary deduction beginning November and December Salary.

Number of Days on Forced AL: From 2 days onwards per month, up to 8 days.

Furthermore, allowances have been cut.

Yikes sounds like a rough patch, I would imagine employee turnover would start to increase but long service employees would lose the possibility of severance package if they resign, always a limbo/catch22 situation.

Heard kerang company is laying off 20% of it’s upstream workforce in Malaysia by end of 2024 dunno true or not.. mostly comprising of well engineers and geologist…

A friend working in cyber also mentioned their service centre has reduced the number of floors occupied and also going through some restructuring, not sure if they are moving out to another country

This post has been edited by GambitFire: Nov 4 2024, 06:02 PM

Most of the employees are long timers.. since it is a japanese comp...... they are not interested to do VSS / MSS at now, ...of course, that is what the management mentioned..

Many those in Cyber are on WFH basis ..remote

Why Oil & gas seem not more lucrative and secured. Almost similar to 2017/18 era

Based on my observation, the usual fat margins that O&G use to enjoy is slowly dwindling.

1) Competition from EV like Tesla and BYD eating up alot of margins on the downstream side.. just look at Mercedes and VW which reported their profit plunged due to stiff competition in China. Less ICE cars and demand for fuel will also go down.

2) pressure from government to go green..Operators are reluctant to go green because it requires huge capex investment but your ROI takes years to recoup.. to even break even is a miracle already and not forgetting carbon tax is coming soon in Malaysia and it’s freaking costly wonder how contractors are gonna survive

All this competition and pressure is not creating a favourable business in the O&G industry

This post has been edited by GambitFire: Nov 4 2024, 06:23 PM

Moving out of cyber soon. Restructuring is norm every few years or heck any company nowadays.

Contract staff also on reduced working days with forced AL.

how is the feed for SAF project? Is it on chopping board from client?

This post has been edited by HP Computer: Nov 5 2024, 07:28 AM

Middle east is booming, may not be as lucrative as before as well but relatively still a lot better than Msia.

LOKEN SAF completed and EPC Not certain if going to happen.

One obvious reason is the change of guard of gas business in Sarawak. Many gas development projects in the state are put in the freezer until the gas business in the state is made clear to the interested companies. LL development is in jeopardy of being delayed for a year partly due to this matter, the rumours said.