Scomies 30% stake in the Ophir field is only as a service provider and operator of the offshore platform. The resources extracted belongs to Petronas. Even if crude is US100 , all the gains is non of Scomies business. More importantly, is being a service provider and operator a lucrative business ? If so, why did SapuraEnergy gave up their RSC ?
So, the equity restructuring is capital reduction or capital consolidation ? As long as there are no positive visibilty in revenue, earnings, announcement of job awards, outstanding order book and status on the legal issues on the monorail projects , the going is very tough. What is there on the table for us to see clearly ? EPS, P/E and ROE all in negative territories. What more when gearing is also high. Quarterly result this month end can spell more pressure. Hope to be wronged.
Down 13% in a morning session is a little scary!!! Prices will blip on the 15th which will suit the two week traders... 15th to the 24th will be a tough time and hard to sell.
24th onward??? maybe a little resurgence for the month end but will be a steady sell-off and i see all time low looming very close.
12 month low and another 10 days before the qty results out....... Plenty of sellers but no buyers Dropped off 20% in ten days!!!!...another -10% will see all time lows Not looking good.......
"nippy65 With the additional shares swap from Scomien couple with the turmoil and nervousness in world maket and absence of new jobs, more pressure will be on the share price which prehaps can go below 0.20. As good as capital reduction. 09/02/2018 09:10"
Everything hinges on the coming qtr results and comments from the Company. As usual, tagline announcement to follow is, bidding for billions and billions jobs just like previous qtrs before this. Or, close to finalising monorail collabotration with interested party China. At the end, no hear of any winnings for a long long while to replenish the depleting orderbook. The vol on Friday is more of anticipation and release of qtr result.
Who knows. Oil price gone up 1.5% over the weekend to 67.43. And may be there are surprises towards the qt result . Chart does seem wanna rebound. Worth a look for traders.
how you know chart does seem wanna rebound? the year lowerst prices is 0.10, which happened before consolidation. After consolidation, the price drop to 0.185, which is equal 0.09-0.095 before consolidation. I don't see any potential it will rebound. This is the norm after consolidation the share will keep dropping as you should know why the consolidation happened. I sold all my scomi share once consolidation was being announced. so lucky to sell it that time
Usual trend is for Scomi to pick-up slightly towards the end of the month...... But this is a short month!!!! that and conso is working hard to push prices down which is also the usual trend after that type of exercise. Qtr results will not be any surprises i dont think as there has been no new work and only doom and gloom for the last 2x qtr, will be another loss making qtr and just adding to the debts and reducing the market Cap even further.. Lets see what tomorrow brings.....
At 18ct this morning, it has effectively dropped half price to its Jan'18 peak of 18cts before consolidation. Half price in 1 month and nobody dare go in ??
There was nothing to indicate anything other than a poor result, was speculating @ -25 to -30 but -63 is pretty horrendous. Market cap in now hovering between 220/240 and still looking at a southerly direction.
The Qtr report makes for an interesting read - scary but interesting.... Net worth has dropped off 223 Million that's -30% against the same time last year.
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nippy65
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Posted by nippy65 > 2018-02-09 22:32 | Report Abuse
Scomies 30% stake in the Ophir field is only as a service provider and operator of the offshore platform. The resources extracted belongs to Petronas. Even if crude is US100 , all the gains is non of Scomies business. More importantly, is being a service provider and operator a lucrative business ? If so, why did SapuraEnergy gave up their RSC ?