By Violet Ooi
(Fourth from the left) Carimin Petroleum Bhd Chairman Kamaruzzaman Bin Shariff and Carimin Petroluem Bhd Managing Director Mokhtar Bin Hashim (fourth from the right)
Carimin Petroleum Berhad today announced that it has secured an early start to provide Topside Major Maintenance (TMM) services to Petronas Carigali Sdn Bhd.
The TMM work orders which have commenced recently come under Petronas’ Pan Malaysia Integrated Hook-up and Commissioning (HUC) & TMM Service Contract and will complement the HUC work orders secured by Carimin in November 2013.
“The new work orders will boost our total work value beyond the current RM900.8 million for HUC and manpower supply, which are scheduled for delivery until 2018,” said Mokhtar Hashim, Carimin’s managing director while speaking at the group’s listing ceremony on the Main Market of Bursa Malaysia today.
He added that the newly awarded orders shows Carimin’s unique positioning as an integrated oil and gas (O&G) support services provider, and are testament to continuous demand for such services by oil majors to ensure asset integrity and uninterrupted operations.
According to Carimin, more TMM work orders under the contract are expected until 2018.
Mokhtar expressed his confidence in the group’s growth prospect saying that it has built a formidable track record in the O&G industry for the past 25 years and is well-poised to support the country’s increasing oil production requirements in the long term.
“We have continued to fare well in cyclical trends of the O&G industry, as support services are in demand both during periods of investment upcycle as well as during slower periods where oil majors remain focused on maintaining asset integrity and enhancing production output,” he said.
Mohktar also added that in view of recent market fluctuations, Carimin anticipates increased focus on brownfield rejuvenation and facilities improvement projects.
“These would help underpin demand for platform maintenance and upgrading works, contributing towards our positive growth prospects in the years to come,” he concluded.
As at Oct 31, 2014, Carimin’s ongoing tender book stood in excess of RM800 million.
Carimin made its debut today with an opening price of RM1.12, recording a premium of 2 sen over the issue price of RM1.10 per share. The first trade volume was done at 2.38 million shares.
The IPO saw a public issue of 60.7 million new ordinary shares, and an offer-for-sale of 5.9 million vendor shares at an issue price of RM1.10 per share.
The group has raised RM66.8 million in proceeds from the IPO. RM35.3 million of this amount will be spent on the purchase of an accommodation workboat, RM12 million for upgrading the group’s fabrication yard in Kemaman, RM8 million for repayment of bank borrowings, RM8 million for working capital, and the remaining RM3.5 million to defray listing expenses.
You must be logged in to post a comment.