Ramunia Holdings News

MISChas proposed a $973m deal to merge its shipbuilding business with Ramunia Holdings, an oil services company. The merger would expand MISC’s plans to create a regional business building oil rigs to compete against neighbouring Singapore, which is the world’s largest producer of offshore energy platforms. The deal would be a reverse takeover that could allow MISC to list its Malaysia Marine and Heavy Engineering unit under the Ramunia name in hopes of copying the success of Keppel Corp and SembCorp Industries, Singapore’s biggest oil rig builders, which saw a sharp rise in their shares last year due to higher oil prices. However, the…

According to the Edge Daily, Malaysia oil rig fabricators need to upgrade their services and technology or lose out on fast-growing global demand for shallow, deep-water and ultra-deep oil rigs, an industry researcher said. The industry estimates expect some 15 new rigs and 70 platforms to be installed in the next five years alone to cater to the Malaysian deepwater sector, according to Maritime Institute of Malaysia (MIMA) research. The major local players are MISC Bhd subsidiary Malaysia Marine & Heavy Engineering Sdn Bhd (MMHE), Sime Darby Bhd subsidiary Sime Darby Engineering Sdn Bhd, Muhibbah Engineering (M) Bhd and Ramunia Holdings Bhd. Source: The Edge Daily

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC. Tioman is a joint venture between SapuraCrest and Norway's Smedvig group. SapuraCrest, through its 51%-owned subsidiary Crest Tender Rigs Pte Ltd, has awarded a contract worth $48.8 million to Malaysia Marine and Heavy Engineering Sdn Bhd to construct T-10.