By Sharen Kaur
sharen@mediaprima.com.my
Published in NST on May 14, 2013
sharen@mediaprima.com.my
Published in NST on May 14, 2013
Scomi Group Bhd's current order book has surpassed RM5 billion with the latest contract worth RM98.5 million in Turkmenistan.
Just two months ago, its member company Scomi KMC Sdn Bhd won a RM2.1 billion job from Petronas Carigali to supply drilling fluids, barite materials, equipment and services for five years.
Scomi Group - which recently underwent a restructuring that saw the disposal of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to its 65.65 per cent owned listed arm, Scomi Marine Bhd - has been actively bidding for new jobs worth over US$1 billion (RM3 billion) in Malaysia and internationally.
For the contract in Turkmenistan, Scomi Group's oilfield services business won a two-year contract from Dragon Oil (Turkmenistan) Ltd to provide drilling and completion fluids services.
The contract started from January this year, Scomi said in a statement yesterday.
This is not the first job that Scomi has won contracts from Dragon Oil. The group has been providing drilling fluids and solids control services to Dragon Oil since 2007.
This win is certainly testimony to the quality of our products and services. Our drilling and completion fluid solutions have been formulated to meet the needs of our clients.
Our ability to provide consistent performance and the technology behind our products was instrumental in winning this contract for us, said Wan Ruzlan, Scomi Group president of market units for oilfield services division.
Turkmenistan is one of Scomi's key focus countries.
It has been providing drilling fluids, drilling waste management services, solids control equipment and thermal desorption services to Turkmenistan since 2004.
Scomi believes there would be an increase in oil and gas activities in Turkmenistan, which is speeding up works to support its own demand and global supply.
Wan Ruzlan said the oilfield services division has performed well over the last six months, wining several contracts in Qatar, Myanmar, Malaysia and Indonesia.
The restructuring exercise has created a diversified and enlarged entity which offers comprehensive integrated upstream drilling services to the oil and gas industry.
This merger also accords Scomi Group a stronger financial standing for greater flexibility in raising capital to fund its continued business growth, Wan Ruzlan said.
Scomi Group posted a net profit of RM18 million on revenue of RM1.59 billion for fiscal year 2012.
The stock fell five sen, or 1.28 per cent, yesterday to close at 38.5 sen.
Just two months ago, its member company Scomi KMC Sdn Bhd won a RM2.1 billion job from Petronas Carigali to supply drilling fluids, barite materials, equipment and services for five years.
Scomi Group - which recently underwent a restructuring that saw the disposal of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to its 65.65 per cent owned listed arm, Scomi Marine Bhd - has been actively bidding for new jobs worth over US$1 billion (RM3 billion) in Malaysia and internationally.
For the contract in Turkmenistan, Scomi Group's oilfield services business won a two-year contract from Dragon Oil (Turkmenistan) Ltd to provide drilling and completion fluids services.
The contract started from January this year, Scomi said in a statement yesterday.
This is not the first job that Scomi has won contracts from Dragon Oil. The group has been providing drilling fluids and solids control services to Dragon Oil since 2007.
This win is certainly testimony to the quality of our products and services. Our drilling and completion fluid solutions have been formulated to meet the needs of our clients.
Our ability to provide consistent performance and the technology behind our products was instrumental in winning this contract for us, said Wan Ruzlan, Scomi Group president of market units for oilfield services division.
Turkmenistan is one of Scomi's key focus countries.
It has been providing drilling fluids, drilling waste management services, solids control equipment and thermal desorption services to Turkmenistan since 2004.
Scomi believes there would be an increase in oil and gas activities in Turkmenistan, which is speeding up works to support its own demand and global supply.
Wan Ruzlan said the oilfield services division has performed well over the last six months, wining several contracts in Qatar, Myanmar, Malaysia and Indonesia.
The restructuring exercise has created a diversified and enlarged entity which offers comprehensive integrated upstream drilling services to the oil and gas industry.
This merger also accords Scomi Group a stronger financial standing for greater flexibility in raising capital to fund its continued business growth, Wan Ruzlan said.
Scomi Group posted a net profit of RM18 million on revenue of RM1.59 billion for fiscal year 2012.
The stock fell five sen, or 1.28 per cent, yesterday to close at 38.5 sen.
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