Shit stock...stay away. How long you all want to hold. Since last year talk talk kok, to buy and hold. Haha. Whoever buy and hold will kena kaw kaw!! Involved in lousy business..
Some free time today so when Back to Check why umwog sell Naga 1( it seems someone here thinks bcoz petronas doesn't award contract to umwog so umwog had to sell Naga 1 )
Damn NAGA 1 is 43 year Old.....43 year Old......43 year Old -------43 year Old......Selling for scrap Iron only
Naga 1 was sold because it has a contract but has no income. Otherwise, why would a company sold a cash cow. Remember this. Petronas can always ask drilling contractor to standby at zero rate. Go read their prospectus again on their contract status at the beginning. This company was supposed to be a no-brainer investment with so many long term contracts on hand until the oil price dropped and Petronas started to invoke certain clauses in the contract.
The Disposal Consideration was derived as shown below: Highest bid USD3.306 million (being the lump sum offer for NAGA 1 together with the equipment and spares) UDC’s share of ownership 50% Disposal Consideration USD1.653 million 7) Quantification of the amount owing to JDC-P as at the latest practicable date, and how does the amount owing arose. As at 28 April 2017, the amount owing by UDC to JDC-P is USD2.705 million, being UDC’s share of the costs of the spares on board of NAGA 1. 8) The particulars of all liabilities to be assumed by JDC-P arising from the Proposed
" UMWOG didn't make a single Cents from the disposal" bcoz they still owe JDC-P money... Naga 1 just a piece of Junk (43yrs Old, Oldest still running is 37year Old) ----I think annual Insurance is very high. New technology that give higher efficiency cannot be incorporated) " Would you hired a 30yrs Indonesian Or a 70yrs local for construction work )
If maintenance cost > potential revenue, that contract would not be signed at all unless ... the client slash the rate or don't even uses their asset, although contracted for. As i have said, contract is meaningless if petronas can ask for standby at zero rate, anytime.
Velesto Energy aiming for 100% utilisation of jack-up fleet Malaysian drilling contractor Velesto Energy (formerly UMW Oil & Gas) is hoping that within weeks it will have secured 100% utilisation for its seven-strong jack-up fleet, writes Amanda Battersby.
“Besides working on the extension of existing contracts, the group is also bidding and negotiating for new contracts to replace expiring ones,” said Velesto.
Jack-up Naga 8 is expected to have its existing contract with Hess offshore Peninsular Malaysia extended by another two years to around mid-2020. Meanwhile, one source suggested that a sister rig, Naga 7, could be in line to secure a contract with Shell due to start in the third quarter.
Of Velesto’s already chartered units, UMW 5 is about to start a two-well contract for Repsol off Sabah, East Malaysia. UMW 5 is scheduled to drill the Realgar-2 and Axinit-1 exploration wells on Block SB 309. “The utilisation rate is expected to stay at a relatively healthy level in the near future,” added Velesto. “However, time charter rates remain challenging due to the global oversupply of rigs,” cautioned the contractor.
Kuala Lumpur-listed Velesto officially changed its name from UMW Oil & Gas on 25 May.
With so many jack-Up Rigs in Cold-stack (world wide)----i wonder whether Velesto can rent them if Velesto win contract in Arab Region which they are bidding
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....
JJchan
7,182 posts
Posted by JJchan > 2018-05-28 17:25 | Report Abuse
Petronas is a International Co. If he burned local Contracts, Other Countries can Do the same.....
Rule by force Or Rule by Law