Windy1974: Sapura 3000 sold by SapuraAcergy joint venture to a subsidiary of Sapura Energy Berhad in 2017, meaning it is fully owned by Sapura. It is also still on Sapura's website and some public vessel database. You heard news that the vessel has been disposed? To who?
As for Kasawari, yes MMHE was the favourite. What was concerning was the disqualification of Sapura. Petronas tender is split into two parts, technical and financial qualification. Don't think Sapura will fail the technical part, so high chances for it to be due to the financials. I think investors are worried this problem will persist for other big tenders.
I highly doubt consolidation of shares or any more cash call. the better ideal would be maybank as another pnb company spit out more.borrowing to sapura.
my another doubt is, why their explorationn and production never put in the revenue figure. After operating for more than 1 year, why this division is still making loss. this question was asked in the industry players buy no 1 can answer the reason for the loss.
Too many rig lah, 15 rig in total which is triple size of velestor..... Sell some of it 3-4 to 1 billion, than sell the Brazil subsidiaries 1-2 billion, after price stabilize, do PP 10, 300-400 mil...haha
skyu: From what I understand, Sapura has a group of 13 to 14 lenders and they all entered into the same loan agreement with a lot of conditions that bound Sapura and all lenders together. Maybank can give more revolving credit to Sapura, but for big amount of loan, it is unlikely for Maybank to do it alone. They will want the other lenders to also chip in, which makes it very hard.
Exploration and production is the SapuraOMV joint venture, so of course no revenue, only share of profit/loss. Reason why division making losses is because OMV invested assuming oil price of US$70. The assets have been revalued upwards, resulting in more depreciation. So when oil price was way below US$70, of course the division make losses. Results should be much better though in Q3 and Q4.
dont underestimate the syndicate play. the theory of push down the price then push up by selling higher is just us the street gambler perception. all these boiled down to the company performance. the market capital for sapura used to be 24 billion and left 890 million now where it is very discouraging.
what timmytan said is quite correct, consolidation then cash call again. even if pnb willing to subscribe another 40%, I doubt any banks would take the job as they need to guarantee to absorb all the undersubscribed rights.
pnb, if they are a good portfolio manager, they should know they cant afford to let sapura energy down because of the failed ex ceo. the chain effect is too strong, involved too many local banks. sapura is like the mini petronas, where they have mostly all the expertise and assets from gas field to assets which to promote green energy.
merger? more cash from maybank? private placement? selling off assets?
last but the most nightmare, another cash call which I think is a joke
@skyu, look at velestor and MMHE, Sapura has 8/15 rigs contracted and velestor 5/5 contracted, but still velestor still making loss in last quarter. Same as MMHE also making loss in last quoter, EPCC is burn cash project and covid restriction cost in Q1-2. Those rig put in cold storage also cost a lot.
E&P earning does not enough to subside, and OMV need to fund jerun 2 billion and other exploration ...
hi Nikmon sapura 15 rigs are mostly barge type or industry call it submersible rigs which is obsolete rigs . they are totally different from valesto jackup rig with different purpose. of course sapura has much better vessels such as pipe laying vessels and offshore construction vessels which is high in demand. fabrication making lost such as mmhe is probably they lack in feed expertise.
The big question ❓ will PNB still continue to pump in fresh funds . PNB may decide to write off this investment after disappointed run for the past 5-6 years.
1 last question Tinmy Tan, should we anticipate the asset value ok sk408 is higher compare 3 years ago? how much u roughly guess the value of sk 408 now? why sapura sold there gas field to singapore at such low price?
skyu: I don't have the JV's accounts, so I am not able to value SK408. I would think it is higher now since they have completed the 1st phase (Gorek, Larak, Bakong) and is now developing the 2nd phase (Jerun).
What they sold to Jadestone Singapore are not gas fields. Those are old oil fields offshore Terengganu that existed since Newfield time. Those fields are quite close to the end of their lifespan. I think they probably want to focus their resources on developing SK408 instead of old fields that don't generate much income.
dont mean rude but the calculation of gas production is totally wrong. you are taking crude oil price. sapura are producing natural gas of course crude oil is the by product. 34kboe is the gas equivalent. 1 barrel oil is about 5.6 mmbtu or 5.8k ccf. if rough and laymen calculation, they are producing around 700k usd value gas a day. 34k be is not big nor too small.
Seems like the 40 pillar installation has been completed after delay few times, not sure the remaining 40 big fan which target to install by mid of next year is still award to Sapura.
From what anuar rain mentioned in his interview with the edge last month.....At the final part,he mentioned that he is not an m&a guy,he is a delivery guy....So I guess the focus of the management now is to try to work on current project,focus on risk management n to deliver rather than corporate exercise like share consolidation n right issue....Just my 2 cents
..... has seen many stocks go from RINGGITSSS to Sens... seldom see from Sens to RINGGIT....(Sens = below 10 sens) especially stocks with Billions of NOSH..... but can happen.
Sapura Energy drop is because of former CEO Botak every year he would give himself hi pay now he has run he use to give himself about RM 30 million monthly sapura can drop to o.o for all I care
It would be national embarrassment to drown Sapura, being a mini Petronas from Malaysia. They way it’s going, we will lose our local O&G players if there is no proper governance, funding and investment.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Timmy Tan
61 posts
Posted by Timmy Tan > 2021-12-09 12:27 | Report Abuse
Windy1974: Sapura 3000 sold by SapuraAcergy joint venture to a subsidiary of Sapura Energy Berhad in 2017, meaning it is fully owned by Sapura. It is also still on Sapura's website and some public vessel database. You heard news that the vessel has been disposed? To who?
As for Kasawari, yes MMHE was the favourite. What was concerning was the disqualification of Sapura. Petronas tender is split into two parts, technical and financial qualification. Don't think Sapura will fail the technical part, so high chances for it to be due to the financials. I think investors are worried this problem will persist for other big tenders.