BMI Research said that production in Asia was also falling: "We anticipate combined crude oil production in the region's largest producers, namely China, India, Malaysia and Indonesia, to fall by 4.9% in 2016 (equivalent to 331,500 bpd) as low oil prices and upstream spending cuts weigh on overall output." 10/05/2016 13:20
He said well-integrated oil and gas (O&G) stocks are one area the fund manager believes could pique investor appetite. MIDF Research analyst Aaron Tan said it may be time to accumulate O&G stocks now, but with caution. “If you look at Icon Offshore Bhd, which won the ExxonMobil [RM42 million vessel supply] contract recently,
KUALA LUMPUR (May 17): Offshore service vessel player Icon Offshore Bhd expects the oil and gas sector's activities to increase as oil prices recover further, which, in turn, would benefit the company.
"We think as we move forward there is light at the end of the tunnel. As the oil prices stabilise, there will be a little more activities coming in the market which will help us," Icon Offshore managing director Amir Hamzah Azizan told reporters after its annual general meeting today.
He also noted that initiatives taken by the company to restructure its capital and operating cost, and drive fleet utilisation through competitive bidding has already shown positive signs.
He hopes the company will maintain its utilisation rate of 60% and aggressively tender new projects.
As at March 31, Icon Offshore has an order book of RM640.1 million.
As for the expansion overseas, he said the company will focus on the Brunei market.
Currently, the contribution of its expansion outside Malaysia stands at 27%.
Icon Offshore bidding for long term jobs in Brunei
KUALA LUMPUR: Icon Offshore Bhd is aggressively bidding for long-term contracts in Brunei as part of its regionalisation strategy this year.
Its managing director Amir Hamzah Azizan said on Tuesday that they were hoping to secure other long term contracts in the country after the group's recent RM51mil contract from Borneo Seaoffshore Sdn Bhd.
"We are making a big push in Brunei. This is our primary regional market," he said during a press conference after the group's AGM here.
He said the offshore support vessel (OSV) service provider was also looking at other opportunities for long-term business in the region.
For the fourth quarter ended Dec 31, Icon Offshore’s vessels utilisation rate dropped to 56.5% from 76.1% in the same quarter in 2014.
KUALA LUMPUR (June 10): Hong Leong IB Research said Icon Offshore Bhd’s prices jumped 4% to 39 sen from year-to-date (YTD) low of 35 sen, accompanied by huge volume of 11 million shares and downtrend resistance breakout.
In a trading idea note today, the research house said it expects prices to climb higher towards 40.5 sen-41.5 sen in the near term before testing long term price target of 45.5 sen, as sentiment is boosted by recent rally in oil prices, expectations of strong core earnings CAGR growth of 50% from 2015-2018 and optimism that the new MD Amir Hamzah Azizan (top executive from Petronas) is able to restructure, rejuvenate and eliminate past negative perception of Icon.
Problematic Dr Jamal no longer Icon CEO. New Icon CEO Amir Hamzah(former PETRONAS CEO son) is a former CEO with PETRONAS Dagangan who is credited to bring shareholder value from below RM 10 stock to above RM 20 currently.
this energy price will stay above for sure as most demand and supply data does not consider energy wastage, hence prices can no longer go lower due to demand outstripping production because of energy wastage...
SINGAPORE (July 7): Ernst & Young’s recent survey “Capitalizing on opportunities: Private equity investment in oil and gas” found that 43% of the 100 private equity (PE) firms surveyed were planning acquisitions in the oil & gas sector for the first half year period of 2017.
That is up from the 25% figure before the end of 2016.
EY noted that favourable asset valuations and oil price consensus were among the main reasons for the planned acquisitions.
Furthermore, all of the respondents expected the Asia-Pacific region to see higher buyout activity in 2017, given lower costs, ease of doing business, and general macroeconomic growth which was drawing investors to the region.
44% of respondents were also in favour of the upstream or the midstream sectors for the best return on investment.
DBS analyst Ho Pei Hwa observed that the increased PE activity would make the upstream O&G segment more attractive to investors “if one believes that oil prices will recover further”.
“However, we would like to see more non-PE driven M&A activity, especially in the services segment, as that would more likely help spark a rationalisation of assets and capacity,” she writes in a note on Monday.
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davidkkw79
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Posted by davidkkw79 > 2016-05-08 22:38 | Report Abuse
Everyone know BN sure will win next election lar.