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Bursa News

17 Mar 2023

Malaysia: Petra Energy Wins Work for Accommodation Workboat

Bursa Malaysia-listed Petra Energy has secured a contract with Petronas Carigali to provide accommodation workboat Petra Galaxy.The value of the contract is based on work orders issued by PCSB throughout the contract duration, Petra Energy said Friday.The duration of the contract is up to 255 days from the start date, effective from February 17, 2023, with an option to extend up to 60 days.According to Petra Energy's website information, the Petra Galaxy can accommodate 189 persons aboard.

06 Jan 2020

P&O Ferrymasters Expands in Turkey

European providers of transportation and logistics services P&O Ferrymasters has announced plans to open five new offices across Turkey over the next two years as it continues the expansion of its pan-European logistics services into Asia.In addition to its existing base in Istanbul, P&O Ferrymasters will develop a comprehensive network across the strategically vital country by opening offices in Izmir on the Aegean coast, the capital city Ankara, Mersin on the south coast, Bursa in the Marmara region and Gaziantep near the border with Syria.Murat Bog, Freight Management Director at P&O Ferrymasters, said: “This expansion will further…

10 Sep 2019

Bumi Armada Sells FPSO for $40 Mln

Malaysian oilfield services company Bumi Armada Bhd has found a buyer for its floating production storage and offloading (FPSO) vessel Armada Perdana in Nigerian company Century Energy Services (CESL) for RM167.17 million ($40 million).Kuala Lumpur-based floater player said in a Bursa Malaysia filing that its subsidiary, Armada Oyo Limited (AOL), had entered into an agreement with CES) for the sale of the Armada Perdana.CESL plans to redeploy the vessel to another field in Nigeria, said the statement.CESL has already paid $4.5 million out of a $5.5 million deposit to AOL, with the outstanding amount to be satisfied before the end of the year.Additional vessel expenses incurred from August 1 until the delivery date of the FPSO will be offset against the purchase price.Then…

30 Nov 2017

Yinson to Take Over Layang FPSO from THHE

Malaysia’s Yinson Energy Sdn Bhd plans to take over the Layang floating production storage and offloading (FPSO) project from TH Heavy Engineering Bhd (THHE)  Edge Markets reported. THEE, which has the Layang FPSO contract with Japan’s JX Nippon. has applied to Kuala Lumpur High Court, Malaysia to allow it novate the contract and deliver the vessel to Yinson. Yinson has confirmed this in the Bursa Malaysia filing on Wednesday, saying it has no objection to the THHE application. The charter contract — which is for EPCIC and leasing of a floating production storage and offloading facility to be deployed at the Layang field in Block SK10, offshore Miri, Sarawak — was initially made between JX Nippon Oil & Gas Exploration (Malaysia) Ltd and THHE.

04 May 2017

Recent Vessel Sales: April 2017

Vessel sales for April 2017 (as of May 1) as prepared by Shipping Intelligence, Inc., New York.

07 Jul 2016

Recent Vessel Sales - June 2016

Vessel sales for June 2016 (as of July 1) as prepared by Shipping Intelligence, Inc., New York.

24 Jun 2016

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended 31 December 2015 and progress towards its sustainability goals. President / Group Chief Executive Officer Yee Yang Chien said that sustainability remains an integral part of MISC’s operations, from the way business is conducted, to how employees are managed, environmental impact reduced and positive impact is created for local communities. “Our systematic and structured approach in managing MISC’s sustainability performance over the past few years involves a continuous endeavour to conduct our business operations in a responsible and sustainable manner…

08 Apr 2016

TAS Offshore Sees Another Vessel Deal Axed

Malaysia’s shipbuilding and ship repair services firm, TAS Offshore, has received yet another termination of a shipbuilding contract from the same client, this time for an offshore construction vessel (OCV). TAS Offshore’s wholly-owned subsidiary, TA Ventures, received the notice of termination from QMS1 Offshore Services (QMS1). In a filing with Bursa Malaysia, the shipbuilder said the latest contract, valued at US$11.7mil (RM45.8mil), was for the construction of an offshore construction vessel with the delivery date being Dec 11, 2015. “The vessel was ready for delivery within the agreed time frame but the buyer failed to provide relevant documents and certificates for further process, citing technical and quality issues, which we strongly disagree with,” said TAS.

25 Feb 2016

MISC Buys Back 50% Equity in Gumusut-Kakap for $445mln

Malaysian state-owned shipping company MISC has bought the remaining 50% stake in the Gumusut-Kakap Semi-Floating Production System Limited (GKL) for $445m from E&P Venture Solutions (EPV), part of Petronas Carigali. GKL, a wholly-owned subsidary of PETRONAS Carigali Sdn Bhd (PCSB), owns the Gumusut-Kakap semisubmersible floating production system (FPS), which is now on a 25 year charter with Sabah Shell Petroleum Co. - a unit of Royal Dutch Shell plc. - that commences October 2014. MISC told Bursa Malaysia on Wednesday that it had sold the stake in GKL, which left it with the remaining 50%, to strengthen the group’s financial position, which has since improved significantly.

01 Feb 2016

Maybulk Issues Profit Warning

Malaysian Bulk Carriers Bhd (Maybulk) is forecasting significant losses for the fourth quarter of 2015 and the financial year ended December 31, 2015 amid depressed market condition. Maybulk, which operates the country’s largest fleet of dry bulk vessels used for international shipping, expects to record “a substantial loss” for the fourth quarter (Q4) ended Dec 31, 2015, and for the 2015 financial year (FY15). In a filing with Bursa Malaysia last Friday, Maybulk said the anticipated substantial loss is mainly attributable to provisions for onerous contracts and impairment of investment in associate company PACC Offshore Services Holdings Ltd (POSH). "The dry bulk market continues to be weak and it is uncertain when the market will recover," it said in the filing.

13 Aug 2015

Barakah Offshore Gets Contract from Petronas

Barakah Offshore Petroleum’s subsidiary, PBJV Group Sdn Bhd (PBJV), has received a Letter of Award from Malaysian oil company Petronas Carigali Sdn Bhd, for the supply, refurbishment and maintenance of cleaning pig and associated services in Sabah and Sarawak, Malaysia. In a filing with Bursa Malaysia, Barakah said its wholly-owned subsidiary PBJV has received a letter of award from Petronas Carigali for the proposed job. "The total value of the contract will depend on the actual work orders to be issued by Petronas Carigali from time to time during the contract period. Barakah management estimates that the value of the contract to be about RM20 million to RM30 million, based on the current estimated work programme," said Barakah.

16 Jul 2015

MMC Ups Stake in NCB

MMC Corp Bhd has bought a further 9.08% stake in logistics and port operator NCB Holdings Bhd, boosting its shareholding to 30.13% as it seeks to remain a key player in the ports industry in Malaysia. In a filing with Bursa Malaysia yesterday, MMC's wholly-owned subsidiary, MMC Ventures Sdn Bhd (MMCV), entered into an agreement for sale and purchase of shares with Kumpulan Wang Persaraan (Diperbadankan) (KWAP) to acquire shares. All in, over the last eight months, MMC has forked out RM494.73mil for its present stake in NCB, the owner of Northport (M) Bhd and Kontena Nasional Bhd. The acquisition will be done via an off-market direct business transaction and is expected to be completed by the fourth week of July 2015.

24 Feb 2015

Petronas, HHI Novation Agreement with MISC

Malaysia’s MISC Bhd and parent Petroliam Nasional Bhd (Petronas) have agreed to build new liquefied natural gas (LNG) carriers worth US$1.1 billion and charter them to another unit owned by the national oil and gas company for up to 20 years. MISC will also extend its charters of five refurbished LNG carriers to Petronas by another 10 years. In a filing with Bursa Malaysia today, MISC said it has signed an agreement for the novation of shipbuilding contracts with Petronas and shipbuilder Hyundai Heavy Industries (HHI) Co Ltd. The new build LNG carriers are expected to be delivered to MISC from September 2016 to December 2017. The transaction will involve an expenditure of approximately US$1.1bil.

23 Jun 2014

Nam Cheong Clinches 2 Accommodation Work Barge Contract

Nam Cheong Limited a leading global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited and Malaysia’s largest Offshore Support Vessel builder, today announced that it has sold two Accommodation Work Barges (“AWB”) worth approximately US$84 million (approximately S$105 million)  with the option to purchase another two vessels, to a repeat customer, Bursa-listed Perdana Petroleum Berhad (“Perdana”). In July last year, Nam Cheong sold one AWB of a smaller size, to Perdana, an established, major offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region.

27 Dec 2011

RoRo Ship, Ferry Collide

According to a report on http://www.todayszaman.com, a ferry running between Ä°stanbul's Yenikapı port and Güzelyalı, Bursa, collided with a RoRo ship in the Sea of Marmara on Monday, narrowly avoiding capsizing. The ferry was said to be carrying 830 passengers and 150 vehicles when collided with the RoRo ship off Sivriada early on Monday, December 26. There were no casualties reported. The ferry returned to Yenikapı after the crash, where the passengers were evacuated from the ferry. There was massive damage on the ship's bow.   (Source: http://www.todayszaman.com)

14 Mar 2007

Ceremony Celebrates Completion Of First Vehicle-Passenger Ferry For Turkey

Following the launch in December of Osman Gazi-1, the first of two Auto Express 88 fast car ferries for the Istanbul Metropolitan Municipality, an Inaugural Voyage for Representatives of the Operating Cities of Turkey was held on Monday 12th March 2007. This was to commemorate the successful completion of sea trials prior to the ferry traveling to Istanbul to commence operations. Designated to operate on a 39 nautical mile reciprocal service across the Marmara Sea between Yenikapi (Istanbul) and a new port development in Mudanya servicing the city of Bursa, Osman Gazi-1 is scheduled to enter service in April 2007, the same month the second ferry will be launched.

12 Dec 2006

Northrop Grumman to Supply Navigation Systems for Newbuilds

Northrop Grumman Corporation has been selected to supply electronic navigation systems for six new high-speed vessels under construction at Austal Shipyards in Henderson, Western Australia. The equipment is being supplied by Northrop Grumman’s Sperry Marine business unit through contracts awarded by Austal to Electrotech Australia, which is supplying and installing the complete navigation and communication package for the new vessels. The new ships include four high-speed wave-piercing catamaran ferries, two for the Sultanate of Oman and two for IDO Turkey, and two Armidale-Class patrol boats for the Royal Australian Navy (RAN). The two 65-meter multi-purpose ferries for Oman…

23 May 2006

Sumatec Buys Two Tankers

Sumatec Resources Bhd has ordered two units of 8,000 dwt double-hull product oil tanker from a Chinese shipyard for $11.6 million each. In a statement to Bursa Malaysia on May 22, Sumatec said it had entered into a letter of intent (LOI) with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Textile Imp & Exp Co Ltd for the purchase of the tankers to serve contracts from oil majors. The first tanker would be delivered by Dec 15, 2007 and the second would in March 2008. Funding for both vessels is from internal sources and bank borrowings. The company added that it had received a letter of intent from a Malaysian oil company to charter both vessels for up to 10 years. (Source: The Edge Daily)

12 Dec 2005

Austal to Build Ferries for Istanbul

Austal announced that a contract for two high speed vehicle-passenger catamarans has been signed with the Istanbul Metropolitan Municipality. This follows the submission of a fully compliant proposal with the lowest price offer in an international tender that began earlier this year. To be operated by Istanbul Deniz Otobusleri (IDO) the identical new ferries are scheduled for delivery in 2007 and have a capacity to carry 1,200 passengers and 225 cars or 126 lane metres of trucks plus 158 cars. The origins of Turkey’s large fast ferry fleet can be traced to 1987 when the Istanbul Metropolitan Municipality founded IDO to develop sea transportation solutions and thus help ease growing traffic congestion.

16 Nov 2006

Nepline to Buy Tankers

Nepline is purchasing four aframax tankers, reports said. The company is looking to purchase two new as well as two second-hand aframax tankers. Plans to buy the tankers will likely be announced by year-end, the source said, adding that Nepline will finance the purchase by issuing up to RM170 million Islamic bonds. In August, Nepline informed Bursa Malaysia that the Securities Commission had approved the proposed issuance of Sukuk papers by Nepline SPV Sdn Bhd, a wholly-owned subsidiary of the company. The papers carry a tenure of between one and 10 years, Nepline said in the statement to Bursa Malaysia. source: Business Times