tommy, still it doesn't make sense. If talk about old sentiments, it should affect the share price before the restructuring n not now.i will say today the investors reaction a bit strange. early in the morning there was already a road block at 0.35.then, some big fish throw like the company is going to bancrupt , funny isn't it?

run no road :(

tommy, why got road block? everyone waiting for this share to climb n i really don't understand why it gostan pula?

KUALA LUMPUR (March 12, 2013): Scomi Group Bhd has completed its corporate exercise which sees all its operations in the oil and gas (O&G) industry consolidated under one entity, Scomi Energy Services Bhd (SESB).

In a statement yesterday, Scomi Group said the exercise, which commenced on Feb 29, 2012, involved the disposal by Scomi Group to SESB of Scomi Oilfield Ltd, Scomi Sosma Sdn Bhd and Scomi KMC Sdn Bhd.

"The exercise also involved an internal restructuring of legal entities within the oilfield services (OFS) for OFS Eastern Hemisphere business to fall under SESB; and also a capital repayment within SESB to its shareholders.

"With this completion the group has streamlined and consolidated the SESB and OFS Eastern Hemisphere businesses into an upstream drilling and marine services business," it said.

Scomi Group said the exercise has enabled shareholders to participate in a more diversified O&G business with greater growth potential.

With the consolidation of the business under SESB, both SESB and Scomi Group shareholders would benefit from the future growth potential of a major player in the regional O&G market, it said.

More importantly, it said, the group has financially restructured and pared down debts and further strengthened its balance sheet substantially.

"Scomi Group has pared down its total borrowings, from RM1.9 billion in 2008 to just RM1 billion, most of which are short term and operational funding at various subsidiaries," it said.

The enlarged entity of SESB has a stronger financial standing, which will allow for greater flexibility in raising capital to fund its continued business growth.

SESB currently has an order book of over RM4.9 billion. It recently won major contracts in Qatar, Myanmar, Indonesia and Malaysia. – Bernama

neck got longer by two inches

thanks chleong. will keep this in mind:)

deworming ?
if this is not going to convert to share price, how IJM is going to answer this to his shareholder?

thanks Tommy. But just don't understand why the 2.1B project was just converted to only 0.03 increase in share price . deworming is urgently needed by this company.

KUALA LUMPUR: Scomi KMC Sdn Bhd, a member of SCOMI GROUP BHD [], has been awarded a contract worth RM2.1 billion by Petronas Carigali to supply drilling fluids, barite materials, equipment and services for a five-year period beginning March 1, 2013.

This confirms an earlier report by The Edge weekly that Petronas Carigali has picked Scomi over a few international names to get the lion’s share of the five-year contract under the RM8 billion to RM10 billion Pan Malaysia mega tender.

In an announcement to Bursa Malaysia yesterday, Scomi Group said the contract award is expected to contribute positively towards the earnings and net assets per share of the company for the five financial years ending March 31 2013 to 2018.

In 2006, Scomi received a much smaller five-year drilling fluids contract worth US$500 million (RM1.55 billion) from Petronas.

Scomi Group recently underwent a restructuring exercise which saw the disposals of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to another listed arm, SCOMI MARINE BHD [] (SMB)

This resulted in SMB becoming an integrated oil and gas, marine and drilling service provider, in which Scomi Group has a controlling 65.65% stake.

The group had tendered for two packages under the Pan Malaysia mega tender for its conventional and unconventional packages worth RM3.11 billion to RM5 billion last July. It also tendered for a three-year contract from Petronas Carigali for integrated services in Turkmenistan, worth US$40 million.

Scomi hopes to increase its existing order book of over RM2 billion in the oilfield service segment by participating in tenders worth in excess of US$1 billion internationally.

Among other contracts that its oilfields services unit had won are a three-year contract worth RM380 million in Indonesia to provide drilling fluids and completion services, estimated to run from July this year; a RM93.6 million contract in Myanmar, and a RM130 million contract in Qatar. The contract awards in Myanmar and Qatar were announced on Dec 7 and Aug 23 last year respectively.

The group is also believed to have been successful in its bid for a US$40 million job offered by independent oil producer, Dragon Oil (Turkmenistan) Ltd, in Turkmenistan for the supply of drilling fluids.

Scomi Group recorded a revenue of RM1.59 billion and a net profit of RM18 million for its 2012 financial year ended Dec 31. The group reported a net loss of RM232.33 million in the 2011 financial year.


This article first appeared in The Edge Financial Daily, on March 8, 2013

KC ,tommy , any comment ?

sien!!!

Tony ???

http://www.btimes.com.my/Current_News/BTIMES/articles/20130301001311/Article/index_html

http://biz.thestar.com.my/news/story.asp?file=/2013/3/1/business/12777767&sec=business

the Edge wo :(
hopefully this time they will say "as predicted correctly " again la!

Sorry Tommy, don't know why I can't access to the web site . Will try later:)

只听传媒讲，怎么不见股价升。。。
http://www.nanyang.com/node/511663?tid=702

炒高我见过，就没见过人家这么炒低的？各路英雄，有何高见？

hangus:(

balik kampung already...
wishing all of u Happy Chinese new Year... and HUAT HUAT HUAT
:)

But, I really don't understand why it drop ? Anyone can help here ?

Dunkin, u sweat only .. I already diarrhea liao:(

Should I worry ?

@khalil, ya i know.. just seok sendiri sahaja:)

Some old news
http://www.btimes.com.my/Current_News/BTIMES/articles/20121116005545/Article/index_html
http://www.btimes.com.my/Current_News/BTIMES/articles/20121120012212/Article/index_html
http://www.btimes.com.my/Current_News/BTIMES/articles/SCOMI20-2/Article/

http://www.theedgemalaysia.com/highlights/230165-comment-scomi-egm-marred-by-disquieting-silence.html

thank you KC....

may be surprise will come to us>>>lets hope for the best

railway !railway!railway!

hope so... but my neck got longer by inches

buy

TQ KC

:) ok....

KC, can elaborate a bit

http://my.news.yahoo.com/stocks-watch-apm-patimas-scomi-ijm-cap-plantation-113429848--sector.html

Scomi might attract some trading interest before its 2.30pm EGM on Thursday if investors are confident the meeting will endorse the resolution to approve a bond issue to IJM Corp to pave the way for the latter to become a 25% shareholder and strategic partner of Scomi.

The deal will allow Scomi and IJM to capitalise on each other’s strengths to further expand their local and global operations in construction as well as oil and gas sectors. According to various news reports, initial opposition to the proposal from two substantial shareholders has subsided.

Scomi CEO Shah Hakim, the proponent of the deal, has said he believes shareholders will support the bond issue as it will help pare down the debts of Scomi. The partnership with IJM will also enhance Scomi's chances of winning RM10 billion worth of monorail jobs globally.

"I feel the impact brought about by our joint cooperation will be one plus one equals to more than two," he was quoted as saying by Sin Chew Jit Poh.

Locally, last Friday's news that Petronas has aborted the award of risk sharing contract for the Tembikai and Chenang clusters and will not be reopening them for bidding is a wet blanket for oil and gas (O&G) players, especially Scomi Group that had expressed interest in these clusters.

Nonetheless, it could be a blessing in disguise for the group as the timing of Petronas' announcement is perfect ahead of its EGM this week to obtain shareholders' approval for its restructuring exercise involving Scomi Marine, its subsidiaries and the group.

Earlier news reports and market talk have indicated that some new shareholders of the group are not happy about the possibility of the risk-sharing contract to be parked directly under Scomi Marine and not the group.

That aside, O&G is an important cyclical sector that investors should overweight this year, apart from the underperforming construction sector, as no matter who wins the election, these key sectors are imperative to derive domestic activities.


Read more: FBM KLCI likely to correct further http://www.btimes.com.my/Current_News/BTIMES/articles/marketoutlookjan28/Article/index_html#ixzz2JElVrWN4

http://www.nanyang.com/node/507352?tid=462

Pathew, no lah .. Just joking only . I'm still holding it :)

http://nanyang.com/node/507174?tid=460
My sincere apologise to buybackma if any of my posting has misleaded u that I know everything . I am a slow learner n a beginner . Pls show me n I will delete it immediately.
Again, thank you ..:)

http://biz.thestar.com.my/news/story.asp?file=/2013/1/26/business/12628252&sec=business

http://biz.thestar.com.my/news/story.asp?file=/2013/1/26/business/12630891&sec=business

??? What is CDS ?

KC , I wish I can but what can a small drop on rain can do to rock the boat?:)

:D ..pathew , don't be like that :) I'm not like those who sell at 30cent still can make money .. Let me make a bit mah :)

Already let go at 355cent, u didn't catch meh?

hai!both marine n scomi also not very healthy...

Gd news or bad news ?

cancelled awarding or cancelled re-opening?

who kena removed?

thinking of going in , tommylou, any advice?