I hope they announce Q1 post-lunch today like velesto. Perdana under the Dayang umbrella is a strong fundamental company bag millions projects last year. Give some cheers Perdana. Come on!!!!
AS crude oil prices remain under pressure, national oil company Petroliam Nasional Bhd (Petronas) is pushing for a consolidation in the offshore support vessel (OSV) segment.
Interestingly enough, one of the proposals being discussed is a “Proposed Malaysian OSV Private Business Unit Trust Structure” (see chart).
These plans were highlighted in an online industry dialogue late last month with local oil and gas players comprising members of the Malaysia Offshore Support Vessels Association, the Malaysia Offshore Contractors Association and Malaysia Oil and Gas Services Council.
At the dialogue, Petronas president and CEO Tan Sri Wan Zulkiflee Wan Ariffin was said to have painted a bleak picture for the sector.
In a presentation deck viewed by The Edge, Petronas highlights the current situation of the OSV industry as “being plagued by depressed charter rates, oversupply leading to increased competition, the sector being fragmented, players facing a liquidity crunch with banks holding on to loans that are stressed with covenant breaches, collateral values underwater, leading to possible defaults even”.
“Consolidation — the only way out?” the deck reads, before going into the private business trust structure.
Petronas says unitholders of the planned business trust “can participate in the profits or income arising from the management of the assets in the business trust through receipt of distributions declared by the trustee manager”.
“.......... OSV industry as “being plagued by depressed charter rates, oversupply leading to increased competition, the sector being fragmented, players facing a liquidity crunch with banks holding on to loans that are stressed with covenant breaches, collateral values underwater, leading to possible defaults even”.
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ICE Brent Crude (Jul'20)
@LCO.1:Intercontinental Exchange Europe
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Last | 2:46:57 PM BST
35.95
+1.30 (+3.75%)
1D