CORP BRIEF: MMHE, Pimpinan Ehsan, Cimb and Petronas

by TMR / graphic by TMR

MMHE bags RM1b contract from SapuraOMV  in Sarawak

MALAYSIA Marine and Heavy Engineering Sdn Bhd (MMHE) yesterday announced that it secured a contract from SapuraOMV Upstream (Sarawak) Inc via a letter of award dated March 19, 2021, for the SK408W Jerun Development Project in offshore Sarawak. The company, in a Bursa Malaysia filing, said the contract is to undertake the construction of an approximately 15,000 metric tonne (MT) topside, 10,000MT jacket and 5,000MT piles of a central processing platform valued at RM1 billion. The contract is for a period of 40 months.

Pimpinan Ehsan unveils new board

PIMPINAN Ehsan Bhd (PEB) has announced the appointment of several new members to its board of directors as part of its transformation strategy. Jonathan Law was redesignated as the interim non-independent non-executive chairman of the board of PEB effective April 21, 2021, succeeding Tan Sri Rozali Ismail who stepped down earlier. Law was previously the non-independent non-ED of the board. Datuk Yew Soon Keong has been appointed as the non-independent non-ED, with Datuk Jamelah Jamaluddin and Yasmin Rashid joining the board as non-EDs.

CIMB Thai’s 1Q net profit down 68.4%

CIMB Group Holdings Bhd’s 94.8%-owned subsidiary, CIMB Thai Bank pcl, registered a 68.4% year-on-year (YoY) decline in net profit for its first quarter ended March 31, 2021 (1Q21), to 341.32 million baht (RM44.89 million) from 1.08 billion baht due to a jump in credit losses. In a filing to Bursa Malaysia yesterday, CIMB said the Thai subsidiary’s expected credit losses rose 64.32% to 1.01 billion baht from 616.16 million baht for 1Q20. Its total operating income during the quarter fell 17.2% to 3.51 billion baht from 4.24 billion baht the previous year, as net interest income (NII) declined by 12.9%. CIMB Thai’s NII fell to 2.46 billion baht from 2.83 billion baht a year prior.

Petronas awards production sharing contract to Vestigo

PETROLIAM Nasional Bhd (Petronas) has awarded the production sharing contract (PSC) for the South East Collins Cluster, under the newly introduced small field asset (SFA) PSC terms, to Vestigo Petroleum Sdn Bhd. The South East Collins Cluster, located in water depths of 42m to 45m, 70km northeast of Labuan Island, comprises two fields namely South East Collins and Lokan, which were discovered in the 1980s. With combined estimated recoverables of 10 million stock tank barrels, the South East Collins Cluster is now primed for development under the new SFA PSC terms. Vestigo was chosen based on its track record as a low-cost operator in developing and operating small fields.