rwilliams

rwilliams | Joined since 2011-06-12

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2022-11-11 21:18 | Report Abuse

Besides prospect of Rigs that already sold out, Velesto Hydraulic Workover Unit (HWU) are fully sold out also (and with good day rate). If you go to Velesto yard in KSB, there was the HWU rigs that keep in front of the base since long time ago. Now this HWU is gone to do projects.
The new CEO, Megat Zariman was ex Schlumberger and Bumi Armada. Very well train in Big International organization, and proven can bring back Bumi Armada from their despair. He will do even more with Velesto as the macro environment also support the recovery in Oil & Gas sector.

Stock

2022-09-14 18:24 | Report Abuse

This kenanga... They might do due diligence, but I suspect that they take a position in certain stock - bias analysis. For instance, no matter how bad Uzma earning report, Kenanga always put higher TP.. Even that counter always miss expectation

News & Blogs

2022-09-13 22:56 | Report Abuse

Shallow analysis... what matter for Oil Company is not short term oil price, but cost to produce per barrel vs price of selling. If the spread still wide (as the case of Hibiscus that have high quality asset), then it is still good investment. This uncle one time tell everytime to kaw kaw buy Dayang, then goes silent after cashing out...

Stock

2022-09-12 23:18 | Report Abuse

Affin Hwang analyst only taking into account the Jack up rig, not the Hydraulic Workover Rig (HWU). At the moment, the HWU rigs for Velesto are fully sold out. One is in Vietnam, One is for ExxonMobil Malaysia, and the last one is going for long term contract with Petronas for Tembungo P&A.

Thus the HWU rigs revenue are on top of the jack up rig utilization rate that discussed by Affin Hwang. I think 11 cent valuation is too cheap, should be at least 20 cent. Besides, although posting negative earning, Velesto EBITDA always positive, and always cash flow positive... Especially after that ~ RM 500 Million insurance money after the demise of Naga 7.

News & Blogs

2022-09-07 22:31 | Report Abuse

This PWC service for M3 is just optional. In fact, Petronas recently changes regulation for the decommissioning. program so PWC service is only optional. Sadly, the PWC service is the backbone of RL revenue. Without this service, RL revenue become very weak.

News & Blogs

2019-03-14 08:04 | Report Abuse

And UZMA also awarded that umbrella contract for Hydraulic Workover umbrella, so UZMA will be stiff competition to Velesto

News & Blogs

2019-03-13 21:54 | Report Abuse

UZMA has more fleet of Hydraulic Workover unit than Velesto through UZMA acquisition of MMSVS from Thailand (https://www.thestar.com.my/business/business-news/2014/05/21/uzma-to-buy-thai-co-for-rm95mil/) . In fact more workover, and plug abandonment work were given to UZMA than to Velesto.

So it is wrong to say no competition for Hydraulic Workover Unit.