RH Petrogas invests in two Indonesian oil projects
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07 September 10
The Business Times by Jamie Lee
RH PETROGAS is investing US$37.1 million for a share in two Indonesian oil exploration projects through a sale and purchase agreement. It would make a further payment of up to US$3.9 million for a new oil field development that opens up under one of the projects. The oil-and-gas exploration and production company has purchased two subsidiaries - Lundin Salawati Basin and Lundin Indonesia - of ...
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Petronas buys BP stakes in 2 petrochemical plants
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02 September 10
The Business Times by S Jayasankaran
In Kuala Lumpur
MALAYSIAN national oil company Petronas signed a US$363 million deal yesterday to buy BP's interests in two petrochemical plants in the north-eastern state of Terengganu. Petronas said it will acquire BP's 15 per cent stake in Ethylene Malaysia (EMSB) and its 60 per cent stake in Polyethylene Malaysia (PEMSB). (Polyethylene, which is made from ethylene, is the world's most widely used plastic.) ...
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Ezra Holdings in $155m rights issue
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01 September 10
The Strait Times
EZRA Holdings plans to raise at least $155 million from a rights issue.The marine services provider in the offshore oil and gas sector is offering shareholders the right to subscribe to one rights share for every five owned at $1.18 each.Assuming none of Ezra's outstanding convertible bonds is converted into shares, 131.6 million new shares will be issued to raise gross proceeds of about $155.3 ...
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Contract bonanza of US$915m for Yangzijiang
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31 August 10
The Business Times by Lynn Kan
SHIPBUILDING company Yangzijiang has been actively churning the waters of late, landing 28 shipbuilding contracts worth a total of nearly US$915 million since July 1. In that same period, mainboard-listed Yangzijiang has also successfully delivered 13 vessels, marking a total of 35 on schedule deliveries this year. Thirteen more deliveries are expected to be completed during the remaining part ...
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Shipyards set example for productivity
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30 August 10
The Strait Times by Kor Kian Beng
SINGAPORE shipyards Keppel FELS and SembCorp Marine built the rigs from which a clean-up operation for the massive oil spill in the Gulf of Mexico has been mounted.The spill was due to another oil rig blowing up and sinking, while drilling a deep-water well.But that rig was not built by the Singapore companies, which together produce 70 per cent of the world's jack up oil drilling platforms.Prime ...
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Panalpina opens new logistics facility here
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18 August 10
The Strait Times by Harsha Jethnani
LOGISTICS giant Panalpina yesterday officially opened its new facility that caters to clients in the oil and gas industry.The three-storey centre cost the Swiss company $15 million to set up, and employs 60 people.It contains 1,100 sq m of office space, a 7,000 sq m covered warehouse and 14,000 sq m of open yard - bringing the firm's total warehousing capacity here to more than 30,000 sq m.The ...
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Singapore refining margins rising after tepid first half
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18 August 10
The Business Times by Ronnie Lim
SINGAPORE refining margins have started climbing again, the latest figures from BP show. But this appears to be due more to refiners here benefiting from product shortages caused by recent regional hiccups, rather than a market uptrend. 'It's looking promising,' an oil company executive said of BP's Global Indicator Margin measure, which showed Singapore margins so far this quarter at US$2.56 a ...
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Living with oil demand - and offshore drilling
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17 August 10
The Business Times by G Panicker
THE worst oil spill in US history would have set oil prices afire if it had happened two years ago. The market then, fretting over long-term scarcity of oil, was red-hot. Now, US crude prices are still about the same as they were at the start of the year. It says something about the current mood in the market. Certainly, the effect of the oil spill in the Gulf of Mexico will be felt in coming ...
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NOL finalises order for two new ships
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17 August 10
The Business Times by Michelle Quah
NEPTUNE Orient Lines (NOL) said yesterday that it has finalised an order for two new 10,700-TEU (twenty foot-equivalent unit) container ships, on a day when it also reported higher container shipping volumes. The global shipping and logistics company, which recently swung back into the black, said that the deal for the two ships, for delivery in 2012, was inked in Seoul yesterday. The two ...
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Sembcorp's Q2 net up 13.6% to $161m
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13 August 10
The Business Times by Joyce Hooi
SEMBCORP Industries posted a 13.6 per cent increase in its second quarter net profit, from $141.9 million to $161.2 million, driven by the bottom line for its marine business sector. The group's revenue for the same period fell 12.2 per cent year-on-year to $2.14 billion. Sembcorp's marine business turnover was 27 per cent lower for the quarter at $1.1 billion, mainly due to the lower value of ...
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Yangzijiang Q2 profit a quarterly record
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12 August 10
The Business Times by Lynette Khoo
YANGZIJIANG Shipbuilding yesterday posted 800.5 million yuan (S$161.1 million) in net profit for the second quarter ended June 30 - a quarterly record - as it delivered more vessels during the period. It now expects second-half earnings to be stronger than the first half, as it is slated to deliver 26 vessels compared to 22 vessels in the first half. Lifting group net profit by 32 per cent, ...
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Cosco Q2 earnings soar 85% to $68.4m
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03 August 10
The Business Times by Lynn Kan
THE rough waters notwithstanding, mainboard-listed Cosco Corporation (Singapore) weathered the second quarter and first half-year with a strong topline and bottomline performance. The China-based ship repair, marine engineering and shipping group yesterday reported an 85 per cent year-on-year surge in net profit to $68.4 million for the three months ended June 2010. This led to a first-half net ...
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Sembcorp amasses over 96% stake in Cascal
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03 August 10
The Business Times by Joyce Hooi
AFTER several knock-out rounds and punches thrown in the US and Dutch courts, the final bell is tolling for the Sembcorp-Cascal fight. Sembcorp Industries announced yesterday that its subsidiary - Sembcorp Utilities - has amassed a 96.43 per cent stake in Dutch water firm Cascal NV, comfortably in excess of the 95 per cent it needs to start 'squeeze-out proceedings' in a Dutch court. Minority ...
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Keppel FELS in venture to build $300m vessel
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30 July 10
The Strait Times by Esther Teo
A KEPPEL Corp unit has clinched a US$220 million (S$300 million) contract to build and own a wind turbine installation vessel.The Keppel Offshore and Marine subsidiary, Keppel FELS, has formed a joint venture with fleet owner and operator Seafox Group for the undertaking.Keppel will have a 75 per cent stake while Seafox, the remaining 25 per cent, although it has the option of acquiring Keppel's ...
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Work on three new gas pipelines to begin soon
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26 July 10
The Business Times by Ronnie Lim
SINGAPORE will start work soon on three new gas pipelines - costing an estimated $300 million to $400 million - to transport re-gasified LNG (liquefied natural gas) from its upcoming $1.5 billion LNG terminal to power stations and industry. 'We are preparing the documents and expect to call tenders for the first two pipelines on Jurong Island in the next few months,' SP PowerGrid's deputy ...
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