Judgement day indeed.....
Posted NP for the year so far (All three companies) -134,681,000..
We already know Q3 is going to be bad, more falling revenue, more court cases, more fines.

So how long before the share prices start to free fall???

Will they make it to Q4 or close the doors????????

Interim report / news....
http://www.hindustantimes.com/mumbai-news/mumbai-monorail-is-a-death-trap-during-fires-say-experts/story-fi6ZspsMRyP3k8Xm7s36iP.html

Two days - no bids...???

Its not a strategy - its purely survival..

Oil production to start next Qtr (Q4)

2nd Qtr due to publish end of this month
3rd Qtr is inclusive of this month.
Any reflection of Ophir should show in Scomi EN and will be in 3rd Qtr but honestly it will be in as revenue (dependant on oil sale) and will not offset the operating costs, overheads, loans and repayments of EN let alone leave anything for group to take 65% of.........

I believe that Scomi group will not be able to touch anything from Ophir until mid-2018?? if things stay the way they are - hence their desperate need for the merger to show any revenue under the Scomi group

Hibiscus and Scomi....... You can't compare Apples with Oranges.

Hibiscus - A focused exploration and development company with high % holdings in assets and concessions (100% in some cases) active and operating in several fields...

Scomi - Apart from the three failing company’s with massive debt, operating costs that are not being met, no new business...... they only have one 30% share in a marginal field.
the expected revenue from Ophir once the production and operating costs have been considered will not cover the operating costs of Scomi energy or repay any of the debts.

So 65% of nothing left over from Scomi energy will go to Scomi group....

Just my opinion but any hike in Scomi share price will be a short-term knee jerk reaction to some marginally good news, qtr reports will come out and the reality will hit....

All good for sort term quick turnaround if you get your timing right but pretty point less for the long term or serious investor let alone anything else..

Lets see how the next month pans out...???

nippy65 - In the black/red???? good question.......

Will be interesting to see what the figures are looking like now with the previous stated revenue streams now removed.... or was it too late to remove them??????
Will we see more announcements on the proposed merger coming out soon to delay things again or try and push the prices up???
Interesting times......

Seems the entire company hangs on the Ophir field and apparently how well it is going to do, all that and the merger hasn't even happened yet.
If the QoQ is bad they will really need Ophir to be doing well and everyone's eyes to be else where to not notice that the sinking ship is still sinking.........

65% of 30% = 19.5 cents in the dollar less (-) operating and production costs = enough to make a difference and turn things round???????

https://timesofindia.indiatimes.com/city/mumbai/there-was-no-one-to-start-monorails-firefighting-system/articleshow/61586766.cms

Makes for interesting reading and i guess explains why the revenue is dropping off so quickly in the ME............

https://dailytimes.com.pk/130839/pac-directs-ogdcl-probe-rs-7-billion-loss-exchequer/


The audit report observed that a rate contract for hiring of mud engineering services from M/s SCOMI Oil Tools Ltd was awarded on June 26, 2013 for one year. The contractor provided services on different wells from June 2013 to February 2016 for Rs 7822.217 million. In 2016, the management got the sample of mud tested from different independent labs and found it substandard, according to the audit report.

The report maintained that the executive committee of the OGDCL decided to conduct an inquiry to ascertain the facts and fix the responsibility but the audit department was not informed about the outcome of the inquiry. “Since the management of the OGDCL did not ensure regular inspection through lab testing as per agreement therefore the quality of chemicals and services was not known to the management throughout the period of contract. This resulted in payment of Rs 7822.217 million for substandard chemicals,” the report stated.

Well i'm glad thats cleared up - makes much more sense now.....

Would make for good sense..... IJM growing strong and steady, poor investment with Scomi but current prices are good - sell and reinvest or go cash strong, will only strengthen IJM group which ever way......

Not sure how this would leave Scomi?? - Scomi has received approval to issue new shares to its directors, major shareholders or related parties without approval from shareholders and possible IJM shares back on the market???? may lead to strong buying but overall weakening........
Minority shareholders also weakening and directors strengthening and benefiting with merging....
Good time to be a director as If prices raise any more they will see time to sell and retire....Nasi lemak anyone???

Has anyone heard about IJM disposing its shares in Scomi??? not seen any news and maybe just rumour going around??

i_investor - What has this got to do with anything????? If Scomi have this system why dont they implement it and get some of their broken down rolling stock back on track!!!!! seems a little hypercritical to be pushing a system when >80% of its global fleet is broken down in sheds and not working due to technical and/or mechanical malfunction and various safety issues.....

Great that you are trying to push the feel good factor but all irrelevant

Scomi is third party equipment service provider & chemicals to the O&G industry, low oil prices mean less operators and the requirement those services, higher oil prices only allow operators to work at a reasonably margin, even if the oil prices shot up over-night and the operators were comfortable to start ramping up operations, Scomi would still have to go out there and win new work....
Selling off the assets from the O&G side to fund transport makes sense but only if the demand is already there and its not, as there is no new work or contracts won in transport - only issues.
Once and if the O&G assets are sold off?? regardless of the Oil prices and demand for equipment there will be no assets so no work
If we look at the potential that is Ophir - yes oil prices will have an impact but only when the oil is flowing, processed and sold..... and on that point what is happening with the FPSO??

At the end of the day we are all here to try and make a few bucks out of stocks and shares.
with all of the above the potential of the share prices going up to any sort of real leavel are extremly limited.
The share options that have been mentioned are just not viable for us at the levels they are now.
Not only that once all the shares have been handed out and this mess that they have created gets sorted out, the company will be drastically devalued, then they sell off the assets......the losses are not going to stop overnight and the loans still need to be serviced and repaid - what are you left with?????

PoC for an electronical monitoring system is all good and well, kind of pointless though if you cant deliver the basic mechanical requirements to get things up and running in the first place.....
I'm sure that their existing customers would much prefer that all the units that are sitting idle and broken down let alone not delivered were up and running before anything else.
would love to see how they sell this to the Indian, Brazilian and KL operators that all have major issues with Scomi Monorail.......
Old saying goes "Learn to walk before you try to run".........

Ganii, You can have the biggest order book in the world but the facts remain, Scomi EN revenue is down (163 Million) losses are up (-20 Million) and loans and liabilities sitting at 900 Million!!!
Of that order book, what is sitting in India, Brazil and in KL??? India have retendered for the M&O and 6 units sitting idle and broken down with more still to be delivered and no sign of that happening soon, India imposing fines against late delivery and worse to come..., Brazil - Failure to deliver.... KL - Failure to deliver, Units sitting idle, safety issues and court case looming.

But dont worry - the directors have all been paid and are looking to merge with two other loss making companies

Whats happening with the FPSO??

Scomi Engineering getting kicked out of India and imposing fines!!

According to MMRDA officials, the contract with Malaysian firm, Scomi Engineering was for three years, and now it was up to MMRDA to either stay with the same contractor or appoint a new one.

The bid floated by MMRDA on Thursday, reads, “MMRDA invites bids for operation and maintenance for elevated Monorail for 10 years.”

Not good news.......But was inevitable.
Any news from court in KL?

Disposing of and/or streamlining the merged entity’s existing assets within 12 months from the completion of the exercise to raise USD50m, that’s great but looking at the last YOY and more importantly the last qtr - fully year the losses were over USD43m, last qtr they lost over USD 22m and this coming qtr will be no different USD 25m, revenue is effect 50% less what it was in 2015/16 and that is for the group (Scomi) only not including EN and ES.
The group doesn’t have much in the way of debts although loans are high, but EN and ES are running high on debt and loans.

USD 50 million is not going to go very far in 12 months’ time.... disposing of assets will not be quick as Scomi doesn’t have that much and will be reliant on the vessels, the merger has to happen for that to happen
That and the cash will not be realised overnight

Wait for the qtr report and then see what happens to the prices....

Warrants are a way for a company to raise money through equity, correct?
warrants come with a min life span just like options - so how long for this one if it does go ahead
Warrants in my opinion are for mid to long term investments - Does Scomi have the time to turn this mess around?
Warrants are usually offered at a price lower than that of a stock, Correct? and we dont know what the value will be yet....

I love maths and i love speculation.... but in this case if you dont know the value of X and the value of Y or the terms of the warrants now let alone if or when this happens you will be praying not speculating....
And that all assumes that the share prices will recover to an acceptable level not keep diving as they are.

Any news on the court and the qrt reports for sure will see them heading south even quicker.

ES is taking the brunt of this exercise with a five year low and no signs that it will stop.
EN flatlining...... but given its potential im sure this is happening in background and would other-wise be heading South too
The group - still slowly but surly heading South.

Court case updates????? and latest Quarterly reports please......

Ophir - well behind schedule......First flow of oil from Ophir was expected to be the end of sept but that’s optimistic to say the least and it’s not immediate cash in the bank......

Scomies, was to be the beneficiary of that and the group would have been able to get its hands on its % of cash from it from mid-2018 onwards - if there were no more delays that is......
The predicted returns are wildly over optimistic too but that’s Scomi press for you...
I would not be surprised if this whole exercise revolves around the group trying to get is hands on that cash as soon as possible.....

ES now at an all-time low, Group is plummeting and EN following.
Qtr. reports will be the same as last or worse - Losses of 20+ Mill (USD) over a qtr can’t be sustained by a company of this size and when you look at the amount of loans etc..... doesn’t matter what Ophir brings in or could bring in????? Losses and loans are not investment opportunities so all you can do is sell off assets, they have just made that statement, vessels are first to go, only problem is that buyer needs to be found and any buyer will look at this situation and will be looking for a barging.....
Apart from the vessels there really isn’t anything else of value to sell off.
They talk about new technology and the Chinese.... Scomi just doesn’t have this and nothing that can’t be found elsewhere.
Selling something to the Chinese might be a quick short term fix for them both but it will not be substantial and not stop the rot from above.

As investors in the market we like to look a trends.... if we see something we have invested in going down we can either jump or cross our fingers and convince ourselves that it will go back up or wait for an all time low and reinvest.
Vary rarely do we seriously take a look at the cold hard facts.......
I hope that none of you are waiting for things to go back up and any of you that are waiting for an all time low..... its coming but Good Luck if you do go down that path.

I think we will hit all time record lows - the deal is a loss loss at the moment which ever way you look at it.
The whole situation with warrants is all the more worrying too - absolutely no guarantees there and i think have only been thrown in as a sweetener to try and make up for the short fall in the share deal
Its a shame for ES as it was looking like the only potential out of the bunch and now have been dragged into it - they are the only potential cash cow for the group...

Updates on the court case and qtr reports will see this lot plumit even further and at that point it will be time to close the doors once and for all.

Wow what a day......Huge amount of volume changing hands for these units.
EN and ES ooouch...
Lets see what tomorrow brings.

Just a foot note and off subject again (Apoligies for that)
Director Tunku Alizan Raja Muhammad Alias has retired from the company.
Any news where we are with the court case???? was he not instrumental in the supplemental contracts for the KL Monorail expansion - seems like a timely move???

Fair comment but still we are looking at the group not just ES, intresting times will be when the qtr results come out and will be the real test.
The doors are open again and as predicted - EN and ES have just taken a hit and BHD has taken a big leap, the spike will fall as the realisation will sets in, to some degree the propaganda works as everyone suddenly thinks they have a heap of extra shares coming their way....

As Boonming has mentioned, the prices will have to be watched carefully and the supposed release/consolidate/merger or what ever they decide to call it goes ahead, at what point during this process the share price becomes fixed????? and we can work out the real value of the new group...

for the time being - BHD will keep going down, ES and EN will recover slightly (Just my thoughts but lets see..)

The bottom line...from last qtr reports
Scomi: PBT -87,810,000
ScomiES: PBT-72,242,000
ScomiEN: PBT -12,288,000
Combined: PBT -172,340,00

That's last qtr and this qtr due this month (Maybe delayed, i wonder why???) with share prices down, revenue down, operating costs have remained somewhat flatlining and court cases not helping anything, the question is..... what is the value of the new shares going to be...
I see a false jump coming in the share prices as we re-open them today and the news of additional shares (potentially) being handed out will encourage this.... the fact still remains that the units are failing, the prices will head straight back down and this whole process will take months and months and months...

https://asia.nikkei.com/Markets/Nikkei-Markets/Malaysia-s-Scomi-Group-To-Merge-With-Scomi-Energy-Scomi-Engineering-In-Share-Swap-Deal

http://www.thestar.com.my/business/business-news/2017/08/22/scomi-to-take-units-private-via-share-swap/

The merger will also result in a reduction in administrative and operational expenses and dispense with the duplication that exists with three listed entities, as all businesses will be housed under one listed company.

Is this what is ment by - low gearing???? We call it redundancies........

Freeman,

This Page and what we are all talking about is Scomi Group BHD - your post only goes to reiterate the state that it is in and the need for them to consolidate what small possibilities they have to stop the fall and demise of the company (group).
Regarding Ophir and to add.... if they don’t consolidate, Scomi group will only get a bite % of the potential that is Ophir and as is at present they can’t touch any of that until mid 2018.
Our estimates on the potential revenue for Scomi from Ophir is nearer the $42 Mill over 3 years, but as there has been no recover or return yet lets wait and see and more to the point revenue is not profit!

In the statement there is also a mention of selling off assets to generate cash..... i look at Scomi group and see next to no viable assets that are worth selling off and certainly not generating the values mentioned so i turn my attention to Scomies and vessels sitting idle???
Indonesia at 79% utilization rate, that's great - what is the GP margin on that and of that what goes back to the group....

I know irrelevent to the topic but - Scomies planning to enter the US market in the near term, with what i may ask?? and can i just point out that the US is not the first time Scomi has been there before and there are plenty of good reasons they are not there now.... do a little research - some of the cases and suits make for a good entertaining read.... not to mention the failed buisness units and the whole reason they pulled out.
If i remember rightly they were at one point associated with Derrick equipment company - probably the only reason they were the US in the first place but a Good Ole American company.... not sure you can break into that market with the set-up and possible assets to hand as is now..

And as if by magic here you go......
Propaganda at its best

https://asia.nikkei.com/Markets/Nikkei-Markets/Malaysia-s-Scomi-Group-To-Delist-Unit-Scomi-Energy-Services-Scomi-Engineering-CEO

Not an honest word spoken - all Bull ----!!
The company plans to complete the restructuring exercise by March 2018 - unless they can drag it out even further!!!
Lets see what happens in court and what happens to the release of the quarterly report???? no doubt severely delayed...

Read carefuly and then go do some reaserch.... Assets? Indian settlments?? renewable energy business (JV Partner - no inputs means no outputs regardless of the size of PO..)

The only true word spoken was - "project delays in its transport solutions unit" ahmmm is that not what caused the court case in the first place and all down to complete inefficiency’s from with-in.

Lets see what tomorrow brings..

I just see delays to the inevitable bad news......
Dilution is not the solution - devaluing something that is already worthless!!!??

There will be lots of propaganda and press releases from Scomi stating how well they are doing and various opportunities that are all weighted in their favour - monorail contracts for example, Thailand - nope, Middle east - nope, India - well that's all gone very wrong and India have imposed fines which will no doubt end up in court or just cancel and look elsewhere, Turkey - already won by the competition. not to mention anything that is happing on home soil....
And China keeps popping up????
Just wait for the next qtr reports to come out - if they ever do - or is this whole delay exercise going to delay and HIDE that too.........?

Totally agree with Hollandking - this will go down down down and unlikely to come back up if at all..
Chinaman - also correct, read the agenda notes for the AGM... should be happening this Friday 25th although after the last few weeks i think they will have more to talk about than just releasing more shares and paying directors fees.....

Good to be hearing that there is some news coming through.... been too quiet for too long.
It is certainly going to be a busy month.
Moving a chunk of ES over to the Chinese will be a good move short term and it is by far the most potential of regions...but how much impact will that have on the group??? too little too late???

Any news on the court case..??? yet another case coming up this month in malaysia and India pushing hard for fines for none completion and supply.
Quarterly report due out this month too and i dont see anything looking good on the horizon so far...
Share prices are going to take yet another hard hit before the month end

Did you happen to get a copy of the Scomi FY 2017 annual report that was published yesterday?
If you follow the trend from the last 2 years the QoQ losses is increasing at an exponential rate - last qtr was really bad which ever way you look at it, next Qtr report due this month will be horrendous.........

nippy65 - doom, gloom and follow by boom yes indeed - if it all goes wrong with Pasaranan it will be KA-BOOOOOOOM!!!!!!!

Prices down again...
Any news on the court???
No new work, no sales, marine vessel utilisation 0, Indian Monorail imposing fines etc etc etc
Ophir will inject cash when???????
Next qtr report due this coming month and can only guess that the losses have sustained or increased - regardless of Ophir and its potential no group as a whole can sustain this trend and massive losses
Settlement??? with Pasaranan will only increase the fall or marginally slow it down and thats if all went well and for Scomi - just cant see it myself, how can you fail so many times and be thrown yet another olive branch - enough is enough!!!!
A once fine and proud company that is and has been bled from the top !......

Ophir oil field is being developed by Ophir Production, a joint venture of field operator Octanex with a 50% interest, Scomi Energy Services (30%) and Vestigo Petroleum (20%)

Saw lots of activity today trying to prop the price up....... still managed to drop another 4.35%
Same again tomorrow???

July 31st and Aug 28th will be dates to watch for indeed, no doubt we will see some attempt at positive spin on it and current business from Scomi but with the cash flow problems, negative margins and no new work....... cant see it making much difference.
I think only their ME operations have any margins but nowhere enough to keep them floating... a big sell off???? maybe to little to late???
They desperately need to win in court but they have made so many screw-ups and are so far behind and all of their own doing - best they can hope to get out of it is another extension.
My thoughts are that they will loose the contract as lets face it enough is enough, then go to appeal which will just drag out everything even longer and waste a heap of cash trying.... then spend all their time trying to recover the outstanding... in the mean time the company is still sinking and getting into further debt and with all this negative publicity no one will go near them to invest or cash injection from those that havent already run for the hills... maybe a good time for a takeover???? surly would be a cheap buy :)

Writing is on the wall for this one.....No cash, Very little work, No investors, failing stock prices and a court case looming up that cant be won, let alone the poor press that will follow and further hurt them.
They cant pay off staff to reduce overheads as there is no cash for redundancies.
selling the three vessels they have and calling it profit will only (sorry the pun) keep them floating for a short while - but that would take time and i just dont see them having it to hand......