.
He will tell you these companies no more room for improvement though is a bargain buy! What a joke!

.
by the way, take note that the daily trading volume ever row over 100M...

.
yes, look back the chart when suspension lifted.
The trading price range should tell where it goes!
Perdana/Dayang Otr result in Green
Dayang sustainable contracts, feeding into Perdana.
Oil price all time high since 2014
You should have the answer by now
Good Luck!

.
http://www.theedgemarkets.com/article/zeti-pnb-consolidate-not-excluding-marketdriven-merger-demerger

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Yes...

"proposed sale of approximately RM127.73 million,” it said, adding that earnings per share (EPS) is expected to increase by 10.67 sen per share based on the group’s latest audited consolidated financial statements for the financial year ended Dec 31, 2017 (FY17)."

.
Perhaps Dayang boleh tolong.
Another contract awarded to Dayang today.
All the BEST!

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Result released

.
Result released

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Well Done. ...Excellent Results!

.
Well done, Dayang/Perdana!!

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https://www.malaymail.com/s/1666114/sapura-energys-rights-issue-to-create-value-for-shareholders

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Yes, with Dayang support, Perdana will runs better into remaining 2018, since Dayang, too returned to black!!

"We are in the midst of bidding for various long-term contracts for its fleet domestically and regionally. The board is optimistic that all the issues and challenges will be resolved and with Dayang's support, the restructuring program undertaken by the group will hopefully improve the overall profitability," it added.

http://www.theedgemarkets.com/article/perdana-petroleum-back-black-after-five-quarters-losses

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OTHERS AWARD OF CONTRACTS FOR THE PROVISION OF JACK-UP DRILLING RIGS (NAGA 3 AND NAGA 5) FOR PETRONAS CARIGALI SDN BHD
VELESTO ENERGY BERHAD

Type Announcement
Subject OTHERS
Description AWARD OF CONTRACTS FOR THE PROVISION OF JACK-UP DRILLING RIGS (NAGA 3 AND NAGA 5) FOR PETRONAS CARIGALI SDN BHD
1. INTRODUCTION

The Board of Directors of Velesto Energy Berhad (“VEB”) (formerly known as UMW Oil & Gas Corporation Berhad) is pleased to announce that Velesto Drilling Sdn Bhd (“VED”) (formerly known as UMW Offshore Drilling Sdn. Bhd.), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd (“VMV”) (formerly known as UMW Malaysian Ventures Sdn. Bhd.), which in turn is a wholly-owned subsidiary of VEB, has received two (2) Letter of Awards from PETRONAS Carigali Sdn. Bhd. (“PETRONAS Carigali”), for the provision of jack-up drilling rig services (“Contracts”), the approval of which was received, today.

The Contracts are for two jack-up rigs, namely NAGA 3 and NAGA 5, with an estimated combined contract value of USD10.8 million.

Details of each of these contracts are summarized below:

2. DETAILS

2.1 Provision of Jack-Up Drilling Rig “NAGA 3”

The first Contract is for the provision of Drilling Rig Services for PETRONAS Carigali’s Drilling Programme, whereby VEB Group will assign its NAGA 3 for this. The Contract is to drill two (2) firm wells with an option of additional one (1) plus one (1) wells, with expected commenced date, between 15 July 2018 to 15 August 2018.

NAGA 3 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.

2.2 Provision of Jack-Up Drilling Rig “NAGA 5”

The second Contract is for the provision of Drilling Rig Services for PETRONAS Carigali’s Drilling Programme, whereby VEB Group will assign its NAGA 5 for this. The Contract is to drill two (2) firm wells with an option of additional two (2) wells, with expected commencement date, between 1 August 2018 to 31 August 2018.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.


3. INFORMATION ON PARTIES

3.1 Information on Velesto Drilling Sdn. Bhd.

VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development and production in Malaysia and overseas.

3.2 Information on PETRONAS Carigali

PETRONAS Carigali is a company incorporated in Malaysia under the Companies Act, 1965 on 11 May 1978 and has its registered office at Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia. The principal activities of PCSB are the exploration, development and production of oil and gas.


4. FINANCIAL EFFECTS

The provision of the above mentioned services is expected to contribute positively to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2018.


5. RISK ASSOCIATED WITH THE CONTRACTS

The risks associated with the execution of the Contracts are operational and execution risks, which will be mitigated and/or managed by VED, a company with a proven successful track record of undertaking drilling programmes.


6. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST

None of the Directors and/or the substantial shareholders of VEB and/or persons connected with the Directors and/or substantial shareholders have any interest, direct or indirect in the above Contracts.


7. STATEMENT BY DIRECTORS

The Board of Directors of VEB is of the opinion that the acceptance of the Contracts herein is in the best interest of VEB Group.

This announcement is dated 9th August 2018.

.
OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD AWARD OF CONTRACT
BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description BARAKAH OFFSHORE PETROLEUM BERHAD

AWARD OF CONTRACT
INTRODUCTION

Barakah Offshore Petroleum Berhad ("Barakah" or the “Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd (“PBJV”), has received a Letter of Award from Sapura Exploration and Production (PM) Inc. for the provision of Pan Malaysia Maintenance, Construction and Modification (PM-MCM) Contractor for 2018-2023 Package A (West Malaysia)(hereinafter referred to as “Contract”).

INFORMATION ON THE CONTRACT
The scope of the Contract will generally include maintenance, construction and modification work for structures and facilities for the client’s oil and gas fields offshore Peninsular Malaysia. The total value of the Contract is not fixed and will depend on the actual scope based on work orders to be issued by the client from time to time throughout the duration of the Contract. The Contract duration is for up to five (5) years effective from 11 July 2018 in accordance with the terms and conditions of the Contract.

FINANCIAL EFFECTS

The Contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the duration of the Contract.


RISK FACTORS

Risk factors affecting the Contract include, but not limited to, execution risks such as availability of skilled manpower and materials and changes in prices of materials. Barakah Group has, throughout the years, established its track record and expertise to undertake such projects.

As such, the management of Barakah Group believes that the Group is able to mitigate the abovementioned risk factors.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Contract.

This announcement is dated 9 August 2018.

.
http://www.theedgemarkets.com/article/barakah-bags-5year-mcm-contract-sapura

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Result out.
All the Best!

https://klse.i3investor.com/servlets/stk/fin/5186.jsp

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IniKaliLa

.
http://www.theedgemarkets.com/article/velesto-secures-rm101m-jackup-drilling-rig-job-shell

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OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD LETTER OF CONTRACT EXTENSION - UMBRELLA CONTRACT FOR PAN MALAYSIA TRANSPORTATION AND INSTALLATION OF OFFSHORE FACILITIES
BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description BARAKAH OFFSHORE PETROLEUM BERHAD

LETTER OF CONTRACT EXTENSION - UMBRELLA CONTRACT
FOR PAN MALAYSIA TRANSPORTATION AND INSTALLATION OF OFFSHORE FACILITIES
INTRODUCTION

Barakah Offshore Petroleum Berhad ("Barakah" or the “Company") is pleased to announce that its wholly-owned subsidiary company, PBJV Group Sdn. Bhd. (“PBJV”), has received a conditional contract extension from PETRONAS for the provision of transportation and installation of offshore facilities (“Contract”), via a letter of contract extension dated 16 April 2018. The Umbrella Contract, which is due to expire in December 2018, has been extended to 26 December 2019.

INFORMATION ON THE CONTRACT AND FINANCIAL EFFECTS

The Contract includes transportation and installation of facilities such as pipelines, structures and related equipment for offshore oil and gas fields for PETRONAS and Production Arrangement Contractors (PACs) within Malaysia. The Contract total value will depend on the actual work orders issued by the clients during the Contract period which will be based on mini bidding exercise among the Umbrella Contractors. Depending on the actual value of work orders to be secured, the Contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group for the entire duration of the Contract.

RISK FACTORS

Risk factors affecting the Contract include, but not limited to, execution risks such as availability of skilled manpower and materials and changes in prices of materials. Barakah Group has, throughout the years, established its track record and expertise to undertake such projects. As such, the management of Barakah believes that Barakah Group is able to mitigate the abovementioned risk factors.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholdesrs and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Contract.

This announcement is dated 17 July 2018.

.
http://www.theedgemarkets.com/article/klspore-hsr-azmin-says-meet-singapore-counterpart-soon

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Digest ALL news around.
Your choice to move on with MRCB
Good Luck!

.
Agreed AAZ
Investors have a choice after digesting all news read!

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http://klse.i3investor.com/m/blog/MRCBanalysis/165344.jsp

https://klse.i3investor.com/m/blog/MRCBanalysis/165258.jsp

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*MRCB: The Sleeping Gold Mine*

Author: Ahza Adhwa Zulkepli | Publish date: Fri, 13 Jul 2018, 05:12 PM

MRCB: The Sleeping Gold Mine

Malaysian Resources Corporation Berhad (MRCB) share price has gained its big pump yesterday after LRT 3 has been confirmed to proceed. The confirmation was made by Malaysian Minister of Finance, Lim Guan Eng. For a record, MRCB and George Kent are project delivery partner (PDP) for the LRT line 3. The companies secured at least 6% of the finalised construction cost.

Yesterday's gains have been corrected by today's drop. MRCB is trading strong at .710 by morning session but broke its cloud support of .700 by afternoon session.

For a record, MRCB has been awarded a contract worth RM 604 million to undertake V210 package of MRT 2. On 18th December 2017, MRT Corp released a video describing the progress of the SSP line from 2016 to 2017 in YouTube. The progress statistics are: 23.68%, 15.43%, 9.05%, 10.32%, 35.31% and 11.51% respectively for packages V201, V202, V203, V210, Serdang Depot and underground. The construction from Persiaran Apec to Putrajaya Sentral, dubbed package V210 has achieved a completion rate of at least 11.51%. On 12th July, MRT Corp SSP Line project director Datuk Amiruddin Ma’aris said the long span viaduct crossover along Jalan Kuala Selangor had already started with 30% completion rate for the whole MRT 2 project.

With this data, MRCB is trading with highly undervalued price assuming the V210 is to be proceed as usual. For a note, MRT 2 corp is looking ways to lower the cost of MRT 2 before the cabinet ministers give an official greenlight.

- End.

.
http://www.theedgemarkets.com/article/sapura-energy-said-mull-a27b-asx-listing-australian

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If oil companies don't invest fast enough now, what will happen?

https://www.cnbc.com/2018/07/06/big-oil-sowing-the-seeds-for-crude-prices-above-150-bernstein-warns.html

.
If oil companies don't invest fast enough now, what will happen?

https://www.cnbc.com/2018/07/06/big-oil-sowing-the-seeds-for-crude-prices-above-150-bernstein-warns.html

.
https://www.cnbc.com/2018/07/03/morgan-stanley-hikes-oil-price-forecast-to-85-as-trump-targets-iran.html

.
http://www.theedgemarkets.com/article/cdrc-mediate-perdana-petroleums-debt-restructuring

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"The Contract duration is for two years from 1 December 2015 until 30 November 2017. PGB has the option to extend the Contract period for an additional one year. The Contract has since been extended by PGB until 30 November 2018."

.
OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD WORK ORDERS FOR CONTRACT
BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description BARAKAH OFFSHORE PETROLEUM BERHAD

WORK ORDERS FOR CONTRACT
INTRODUCTION

On 8 December 2015, Barakah Offshore Petroleum Berhad ("Barakah" or the “Company") announced that its wholly owned subsidiary company, PBJV Group Sdn Bhd (“PBJV”), has received the Letter of Award from PETRONAS Gas Bhd (“PGB”) for the Provision of Repair and Maintenance of Sabah Sarawak Gas Pipeline (“Contract”). The Contract duration is for two years from 1 December 2015 until 30 November 2017. PGB has the option to extend the Contract period for an additional one year. The Contract has since been extended by PGB until 30 November 2018.

INFORMATION ON THE CONTRACT

The Sabah Sarawak Gas Pipeline (“SSGP”) is a network of onshore pipeline that link Sabah Oil and Gas Terminal in Kimanis, Sabah and PETRONAS LNG Complex in Bintulu, Sarawak. The length of the pipeline is 512km. The scopes of the Contract include inspection, testing, repair and maintenance of the pipes and related infrastructures to maintain the pipeline integrity.

The value of the Contract will depend on the number of work programs to be carried out for the duration of the Contract based on unit rates specified in the Contract. For 2018 year todate, PBJV has received total work programs for the Contract to the value of about RM133 million, which will beexecuted within this year.

FINANCIAL EFFECTS

The work programs received for the Contract are expected to contribute positively towards the earnings and net assets per share of Barakah Group for the current financial year ending 31 December 2018.

RISK FACTORS

Risk factors affecting the Contract include, but not limited to, execution risks such as availability of skilled manpower and materials and changes in prices of materials. Barakah Group has, throughout the years, established its track record and expertise to undertake such projects. As such, the management of Barakah Group believes that the Group is able to mitigate the abovementioned risk factors.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholdesrs and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Contract.

This announcement is dated 4 July 2018.

.
http://www.freemalaysiatoday.com/category/nation/2018/06/29/wahid-says-pnbs-finances-are-sound/

.
All incoming good news!
Don't miss the boat!
Good Luck!!

.
Oil prices spike 13% in a week. What the heck is going on?
http://money.cnn.com/2018/06/28/investing/oil-prices-trump-iran-opec/index.html

"Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says"
https://www.cnbc.com/2018/06/28/iran-sanctions-could-soon-push-oil-prices-above-90-a-barrel-boaml-sa.html

.
Yes, still at low low price to buy !!
What are we waiting for with much incoming positive news?
Recall how much it went up when merger talks with VELESTO? Possible another O&G consolidation coming? We don't know!
Good Luck!

Oil prices spike 13% in a week. What the heck is going on?
http://money.cnn.com/2018/06/28/investing/oil-prices-trump-iran-opec/index.html

"Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says"
https://www.cnbc.com/2018/06/28/iran-sanctions-could-soon-push-oil-prices-above-90-a-barrel-boaml-sa.html

.
OTHERS AWARD BY OIL AND GAS COMPANIES TO ICON OFFSHORE GROUP SDN. BHD. (IOGSB), A WHOLLY OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD (ICON/COMPANY) FOR THE PROVISION OF OFFSHORE SUPPORT VESSELS
ICON OFFSHORE BERHAD

Type Announcement
Subject OTHERS
Description AWARD BY OIL AND GAS COMPANIES TO ICON OFFSHORE GROUP SDN. BHD. (IOGSB), A WHOLLY OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD (ICON/COMPANY) FOR THE PROVISION OF OFFSHORE SUPPORT VESSELS

1. INTRODUCTION

The Board of Directors of the Company wishes to announce that IOGSB has recently been awarded with contracts to provide offshore support vessels to oil and gas companies (“OG Companies”) to support their production operations in Malaysian waters (“Long Term Contracts”).

2. DETAILS OF THE LETTER OF AWARD

The Long Terms Contracts are for a primary period of three (3) years with an extension option of up to (2) years of one (1) year each. The total value of the Long Term Contracts including the said extension period is RM169 million. The extension options shall only be exercised at the end of the firm period upon approvals obtained from the OG Companies and Petronas Carigali Sdn. Bhd.

3. FINANCIAL EFFECTS ON ICON

The Long Term Contracts are expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2018 and beyond. Notwithstanding this, the Long Term Contracts are not expected to have any material effects on the share capital and shareholding structure of ICON.

4. RISKS ASSOCIATED WITH THE LONG TERM CONTRACTS

The risks associated with the Long Term Contracts are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, ICON carries out routine dry docking inspections, afloat repairs and regular maintenance based on the Company’s comprehensive planned maintenance programme. Together with ICON’s strict health, safety, security and HSSE policy and procedures, ICON is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.

5. DIRECTORS' AND SHAREHOLDERS' INTEREST

None of the Directors, major shareholders of ICON and/or persons connected with the Directors or its major shareholders has any interest, direct or indirect in the Long Term Contracts.

6. DIRECTORS' STATEMENT

Our Board is of the opinion that the award and/or acceptance of the Long Term Contracts is in the best interest of IOGSB and the holding company, ICON.

Announcement Info
Company Name ICON OFFSHORE BERHAD
Stock Name ICON
Date Announced 28 Jun 2018
Category General Announcement for PLC
Reference Number GA1-28062018-00081

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OTHERS CONDITIONAL LETTER OF AWARD TO ICON OFFSHORE GROUP SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD, IN RELATION TO THE PROVISION OF TWO (2) PLATFORM SUPPLY VESSELS FOR PETROLEUM ARRANGEMENT CONTRACTORS PRODUCTION OPERATIONS
ICON OFFSHORE BERHAD

Type Announcement
Subject OTHERS
Description CONDITIONAL LETTER OF AWARD TO ICON OFFSHORE GROUP SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD, IN RELATION TO THE PROVISION OF TWO (2) PLATFORM SUPPLY VESSELS FOR PETROLEUM ARRANGEMENT CONTRACTORS PRODUCTION OPERATIONS

1. INTRODUCTION

The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) is pleased to announce that Icon Offshore Group Sdn. Bhd. (“IOGSB”) has received a conditional award to provide two (2) platform supply vessels to ExxonMobil Exploration and Production Malaysia Inc. (“EMEPMI”), for its production operations and has today received the approval from EMEPMI for the release of the announcement regarding the said award.

2. DETAILS OF THE CONDITIONAL LETTER OF AWARD

The commencement date of the contracts in respect of each vessel shall be the effective date of hire of the vessel as stated in EMEPMI’s issued order, which shall be no later than 1st August 2018, and shall continue for a period as set out in the respective contracts (“Contracts”).

3. FINANCIAL EFFECTS ON ICON

The Contracts, valued together at approximately RM106 million inclusive of the two (2) optional extension periods, are expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2018 and beyond. Notwithstanding this, the Contracts are not expected to have any material effect on the share capital and shareholding structure of ICON.

4. RISKS ASSOCIATED WITH THE CONTRACTS

The risks associated with the Contracts are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, ICON carries out routine dry docking inspections, afloat repairs and regular maintenance based on the Company’s comprehensive planned maintenance programme. Together with ICON’s strict health, safety, security and HSSE policy and procedures, ICON is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.

5. DIRECTORS' AND SHAREHOLDERS' INTEREST

None of the directors, major shareholders of ICON and/or persons connected with the directors or its major shareholders have any interest, direct or indirect in the Contracts.

6. DIRECTORS' STATEMENT

Our Board is of the opinion that the award of the Contracts to IOGSB is in the best interest of the Company.

Announcement Info
Company Name ICON OFFSHORE BERHAD
Stock Name ICON
Date Announced 28 Jun 2018
Category General Announcement for PLC
Reference Number GA1-28062018-00080

.
PRACTICE NOTE 17 / GUIDANCE NOTE 3 : OTHERS
PERISAI PETROLEUM TEKNOLOGI BHD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
OTHERS
Description PERISAI PETROLEUM TEKNOLOGI BHD ("PPTB" OR THE COMPANY")

APPLICATION FOR AN EXTENSION OF TIME TO COMPLY WITH PARAGRAPH 8.04(3) AND PRACTICE NOTE 17 (PN17) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("MMLR")
We refer to the Company’s announcement dated 11 June 2018 (“Announcement”) in relation to the application for an extension of time to submit its regularisation plan (“Application”).

Further to the Announcement, on behalf of the Board of Directors of PPTB (“Board”), SJ Securities Sdn Bhd wishes to announce that after due consideration of all facts and circumstances of the Application, Bursa Securities has, vide its letter dated 27 June 2018, granted the Company an extension of time of up to 11 August 2018 to submit a regularisation plan to the regulatory authorities (“Extension of Time”).

The Extension of Time is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of PPTB and to de-list the Company in the event:

(i) PPTB fails to submit a regularisation plan to the regulatory authorities on or before 11 August 2018;

(ii) PPTB fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; and

(iii) PPTB fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

Upon occurrence of any of the events set out in (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of PPTB on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company's right to appeal against the delisting.

This announcement is dated 27 June 2018.

Announcement Info
Company Name PERISAI PETROLEUM TEKNOLOGI BHD
Stock Name PERISAI
Date Announced 27 Jun 2018
Category General Announcement for PLC
Reference Number GA1-27062018-00067

...
Add on, Sarawak has a good say on their O&G Territories! Samling Group controlled Barakah has the edge. Good Luck!

.
No big deal
Now already below 20 sen!
Buy small and try luck if the below comes true!
Oil price reasonably ok now.
If down 0.085, will top up. ..

"Two of the companies that have expressed interest are said to be Serba Dinamik Holdings Bhd and Samling Group, while the name of the third one, which is said to be a foreign outfit, is still under wraps."

http://www.theedgemarkets.com/article/newsbreak-nik-hamdan-may-pare-down-stake-barakah

.
Oil prices rallied Friday, with U.S. prices jumping nearly 6% for the week, as OPEC members agreed to raise output, but by an amount that appears to be less than traders had anticipated.

https://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22

.
Oil prices rallied Friday, with U.S. prices jumping nearly 6% for the week, as OPEC members agreed to raise output, but by an amount that appears to be less than traders had anticipated.

https://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22

.
More Merits flowing in...

"Oil prices rose almost 3% on Friday as OPEC agreed a modest increase in output to compensate for losses in production at a time of rising global demand."

Read more at:

https://economictimes.indiatimes.com/markets/commodities/news/oil-prices-rise-on-uncertainty-ahead-of-opec-meeting/articleshow/64690934.cms

.
OTHERS LETTER OF AWARD TO ICON OFFSHORE GROUP SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD, IN RELATION TO THE PROVISION OF ONE (1) UTILITY VESSEL TO HESS EXPLORATION AND PRODUCTION MALAYSIA B.V., FOR THE PETROLEUM ARRANGEMENT CONTRACTORS PRODUCTION OPERATIONS

ICON OFFSHORE BERHAD

Type Announcement
Subject OTHERS
Description LETTER OF AWARD TO ICON OFFSHORE GROUP SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF ICON OFFSHORE BERHAD, IN RELATION TO THE PROVISION OF ONE (1) UTILITY VESSEL TO HESS EXPLORATION AND PRODUCTION MALAYSIA B.V., FOR THE PETROLEUM ARRANGEMENT CONTRACTORS PRODUCTION OPERATIONS

1.INTRODUCTION

The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) is pleased to announce that Icon Offshore Group Sdn. Bhd. (“IOGSB”) has been awarded a contract to provide one (1) utility vessel, to Hess Exploration and Production Malaysia B.V. (“Hess”), for its operations.

2. DETAILS OF THE LETTER OF AWARD

The contract shall commence from the date of the letter of award and shall expire at the end of three (3) years from the vessel’s on hire date with two (2) extension options of one (1) year each (“Long Term Contract”).

3. FINANCIAL EFFECTS ON ICON

The Long Term Contract, valued at approximately RM23.0 million, inclusive of extension period of which such extension is subject to the approval from Hess and/or Petronas Carigali Sdn. Bhd., is expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2018 and beyond. Notwithstanding this, the Long Term Contract is not expected to have any material effects on the share capital and shareholding structure of ICON.

4. RISKS ASSOCIATED WITH THE LONG TERM CONTRACT

The risks associated with the Long Term Contract are mainly operational risks such as accidents and unexpected breakdown of vessels. In mitigating such risks, ICON carries out routine dry docking inspections, afloat repairs and regular maintenance based on the Company’s comprehensive planned maintenance programme. Together with ICON’s strict health, safety, security and HSSE policy and procedures, ICON is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.

5. DIRECTORS' AND SHAREHOLDERS' INTEREST

None of the Directors, major shareholders of ICON and/or persons connected with the Directors or its major shareholders has any interest, direct or indirect in the Long Term Contract.

6. DIRECTORS' STATEMENT

Our Board is of the opinion that the award and/or acceptance of the Long Term Contract is in the best interest of IOGSB and the holding company, ICON.


Announcement Info
Company Name ICON OFFSHORE BERHAD
Stock Name ICON
Date Announced 22 Jun 2018
Category General Announcement for PLC
Reference Number GA1-22062018-00028

.
MOF helped up TRX
Soon they will turn around ICON.
Consolidations with our O&G partners, possible?
Be patient, our turn will come!
Good Luck!!

.
https://www.thestar.com.my/business/business-news/2018/06/09/bursa-malaysia-downtrend-likely-to-continue-next-week/

.
Read the local/global News carefully to digest if to invest in MRCB.
Termination of HSR impact MRCB to what extend?
US/China/NK beefing up political ties - DJA indicated some good progress last night (up 1.40%)
PH government tried hard to settle the dust once an for all.
Why EPF/LTH top up lately?
Dividend declared.
Good Luck!!

.
Don't worry, Datuk James Ling and KWAP started to sapu since end of May 2018!
http://www.bursamalaysia.com/market/listed-companies/company-announcements/#/?company=5141&category=all

.
Revisit financial report.
Check how much is the borrowing now.
You have your answer.
All the best!