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Analysts raise earnings forecast on Yinson

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PETALING JAYA: Analysts have raised their earnings forecast on Yinson Holdings Bhd for financial year ending Jan 31, 2017 (FY17) on the back of better-than-expected core profit reported in its third quarter.

Kenanga Research has raised its earnings forecast on Yinson by 12%-13% for FY17 and FY18 on the back of lower finance cost.

“Third-quarter 2017 core net profit increased by 7% attributable to stronger performance of US dollar against the ringgit, 42% lower finance cost and better operating efficiency offsetting the 64% higher tax expense,” it said in a report.

Meanwhile, Maybank IB Research has raised its FY17 core earnings forecast on Yinson by 10%.

Yinson, which is one of the better-performing oil and gas (O&G) stocks on Bursa Malaysia, had reported a 26% decline in net profit for the third quarter to RM63.11mil due to lower impairment in receivables and favourable fair value in derivative contracts, but was offset by lower favourable foreign-exchange movement.

For the cumulative nine-month period, net profit was down 16.45% to RM145.85mil on the back of a 16.09% increase in revenue to RM357.79mil.

Kenanga said Yinson’s gross profit margin for the nine months has improved by 18% to 48% due to lower vessel operating expenses.

It expects Yinson’s earnings to grow by 38% in FY17 on the back of the company’s job in Ghana and forex assumption of RM4.10 per US dollar.

Maybank said that any potential win of new floating production storage and offloading (FPSO) jobs would be a re-rating prospect for Yinson.

“We expect a 22% three-year net profit compound annual growth rate from FY17-FY19.

“This is driven by FPSO Genesis, contracted to Eni in Ghana on a 15+5 year charter, which is expected to contribute RM150mil-RM200mil per annum to the group’s earnings from mid-2017,” it said in a report.

Shares in Yinson closed 1 sen higher to RM2.89 yesterday. On a year-to-date basis, its share price has risen more than 4.4%.

http://www.thestar.com.my/business/business-news/2016/12/22/analysts-raise-earnings-forecast-on-yinson/

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Bumi Armada investors ponder over group losses

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Saturday, 3 December 2016

Bumi Armada investors ponder over group losses

INVESTORS are at a decision-making crossroads with respect to Bumi Armada Bhd’s performance and are wondering if losses could mount further or if this could indeed by the end of the worst for the group.

The group had recently announced a third quarter loss which had considerably widened by some 238% from a net profit position of RM70mil in the same quarter a year ago with revenue having declined by some 33%.

Bumi Armada’s year to date (YTD) performance have also been dismal with it going deeper into the red as YTD net losses almost quadrupled to RM591.6mil.

The development after Bumi Armada released its earnings saw investors selling down its shares and mostly ignoring two upgrades to ratings which were issued by two research houses after Bumi Armada’s quarterly results were announced.

Bumi Armada had surprisingly received two upgrades from analysts after its recent results were announced.

RHB Research and JF Apex Securities both upgraded the stock to a “neutral” and buy respectively.

Interestingly, sentiment in the international offshore oil field services provider have not recovered in line with oil prices.

It continues to tank and is presently hovering near its historical lows of 50 sen.

Bumi Armada did get a little respite though, from Opec’s decision to cut output last week and its shares have recovered slightly after tanking in the beginning of last week.

Also to note that while fundamentals of the sector as a whole may not have caught up with the recovery in oil prices, some analysts have started to recommend Bumi Armada to their clients.

Other analysts were not so sure though as it is still unclear if Bumi Armada would indeed start to see an improvement in its earnings in the near term and also questioned if the whole business model of offshore oil processing was really viable at this point in time.

 

http://www.thestar.com.my/business/business-news/2016/12/03/bumi-armada-investors-ponder-over-group-losses/

Few jobs in O&G sector

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Cautious oil price outlook likely to result in capex, opex scale-back

PETALING JAYA: With the cautious outlook for oil price likely to signify continued scale-back in capital and operating expenditure by Petroliam Nasional Bhd (Petronas), this could point towards protracted low demand for services and assets offered by the oil and gas (O&G) sector, says TA Securities Research.

“Therefore during this downcycle, O&G contractors are expected to be in consolidation mode. This includes implementing measures such as conversion of short term debt to long term, fleet rationalisation, mergers and acquisitions, staff downsizing and others,” the research firm said in its report following Petronas’ lower nine-month financial year 2016 (9MFY16) core net profit of RM20.1bil which is down 14% year-on-year (yoy).

The research firm added that it was pessimistic the upcoming Organisation of Petroleum Exporting Countries (Opec) meeting on Nov 30 will yield substantial production cuts to counter the global oversupply. “Recall that Opec’s consensus in September to reduce output does not include key swing producers such as US, Russia, Canada, Libya and Iraq.

On top of that, the new US administration may likely follow through on its earlier stance to elevate the shale industry and maintain US’ energy independence,” TA said, maintaining its underweight stance on the sector since November 2014.

“At this juncture, we prefer to stay on the sidelines until headwinds dissipate. This would likely materialise following the oil price recovery, and subsequent exploration and production capex uptick,” the research firm said.

Petronas’ nine-month headline net profit, which came in 62% lower yoy at RM7.5bil included asset impairments totalling RM12.6bil that’s largely attributed to the upstream segment. There was also one-off costs amounting to RM1bil for the takeover of the Berantai risk-service contract.

The bulk of the capex of RM36bil in the nine-month period was allocated locally for Rapid, upstream projects and Sabah Ammonia Urea project.

TA pointed out that while controllable costs were lower by 9% yoy, the group had net cash outflow of RM9bil in 9MFY16 mainly due to chunky dividend payments. Nevertheless, its net gearing at 0.1 times and cash levels of RM115bil remained healthy.

Meanwhile UOB Kay Hian Research noted that from its third quarter FY2016 assessment, oil majors are increasing gearing levels given that operating cash flow continue to lag behind incurred capex.

“Locally, channel checks suggest that upstream activities may be lacklustre in 2017 as Petronas is focused on downstream development. Sector earnings visibility will remain poor with risks of contract renegotiations/terminations still inherent.

Some contract flows like rigs, floating production storage and offloading (FPSO) and transport and infrastructure (T&I) jobs are expected but are at best only to partially replenish the order books of selected companies. Overall, this necessitates being selective on stocks,” it said in its report yesterday.

http://www.thestar.com.my/business/business-news/2016/11/18/few-jobs-in-og-sector/

Ghana: ENI Gas to receive FPSO in March 2017

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The Sankofa Gye Nyame Oil and Gas project, is the largest gas well which will soon produce natural gas for onwards refinery by the Ghana Gas Company at Atuabo for both industrial and domestic use.

The expected arrival of the FPSO will mark a great milestone in the country’s history of oil and gas production.

The Managing Director of ENI Ghana, Fabio Cavanna announced this last week.

According to him, construction works have advanced steadily and the vessel is set to arrive in the country for commercial production to commence in August 2017, as scheduled.

“I can say that we are in the advanced stage of the project; the FPSO is coming to Ghana in March 2017 and then it has to be installed and all the facilities installed, so the first storage is confirmed in August,” Fabio Cavanna observed.

The ENI Ghana boss however explained that gas from the oil fields is expected to start in the first half of 2018.

“We are also working hard for the gas portion and the first gas is planned in the first half of 2018 and we are going to deliver at least one hundred and seventy one million standard cubic feet a day from 2018 to 2036,” he added.

In addition, Fabio Cavanna said is confident the project will enable Ghana grow its energy supplies.

ENI, the operator for the Sankofa Gye Nyame Oil& Gas Project, holds a 47.2 percent participating interest in the block while Vitol holds 37.8 percent.

GNPC holds a 15 percent carried interest and 5 percent additional participating interest.

Ghana took another major step towards the attainment of energy and power security with the signing of an agreement for the development of the Offshore Cape Three Points ( OCTP) integrated oil and gas project.

The $7 billion project, being undertaken by Italy’s largest oil company, Eni Spa, in collaboration with Vitol Energy, will see the development of the Sankofa and Gye Nyame fields that will provide substantial gas to operate Ghana’s thermal power plants for 20 years.

President John Dramani Mahama, who said the project was probably the biggest single foreign direct investment (FDI) in Africa this year, and the Vice-President, Mr K.B. Amissah-Arthur, witnessed the signing ceremony at the Peduase Lodge in the Eastern Region earlier this year.

The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould and the Minister of Petroleum, Mr Emmanuel Armah-Kofi Buah, signed for Ghana, while the Executive Vice-President of Eni Spa in charge of Sub-Saharan Africa, Mr Ciro Antonio Pagano, and the President and CEO of Vitol, Mr Tan Taylor, signed for Eni and Vitol respectively.
Oil production from the OCTP is estimated at 80,000 barrels per day and will start in 2017, while gas comes on board in 2018.

The project will deliver 170 million cubic feet of gas per day and it is expected to generate an additional 1,100 megawatts of power for Ghana.

Gas will be processed and transported via a dedicated pipeline to onshore gas-receiving facilities located near Sanzule, a coastal village in the Western Region.
The gas will also be compressed and injected into the Western Corridor Gas Pipeline for transportation to industrial customers in Ghana.

Crude oil will also be stored in the FPSO and offloaded to tankers for sale on the international market.

Ghana is represented on the project by the GNPC.

Ghana: ENI Gas to receive FPSO in March 2017

A Few Tips to Getting into the Offshore Industry

After over 40 years of helping maritime workers, our firm has observed what it takes to get and keep an offshore job. If you are looking to tap into the oil and gas industry, then the following information may be helpful.

Securing offshore jobs is oftentimes difficult if you do not consider the reasons why you might not get hired. Once you identify your potential obstacles, you’ll be equipped to overcome these challenges and finally attain offshore work.

1. Too inexperienced: One major reason an offshore company may not hire you is your lack of offshore experience. Companies will be reluctant to hire someone

who has not seen the deep ocean. It presents too much of a risk for them. Many new hires (especially those with no experience in the industry) do not realize what offshore life entails until they are out on the ocean, at which point many abandon their jobs. Companies avoid this costly mistake by simply not hiring inexperienced applicants. Possible solution: Consider working at an onshore drilling site or oil related company. Even service companies (food catering, cleaning) are putting people on offshore platforms. Getting a job at one of these related companies may give you enough experience and knowledge of the offshore life to make you more appealing to offshore employers. By doing this, you’ll be more suitable for jobs offshore.

Read more here

https://www.hg.org/article.asp?id=27431

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How to get a career in the oil rig industry with no experience

Welcome to MY FREE Report, where I will be teaching you how to get an offshore entry level oil rig job or an oil and gas job or an oil field job, even if you have no experience and no matter where you are from! Read all the way to the end, and when you are done reading, Take IMMEDIATE ACTION!! 

Why Am I So Confident?

You see, I have put together all I did in the past 8 years into the pages of this report. You won’t find any unnecessary information inside it, just everything you need to get an oil and gas job easily, in just a few days. These tips worked for many of my friends, even for people I met online. These tips have helped people all over the world get an oil field job: Australia, Uk, Canada, Iraq, Saudi Arabia, even India.

WHY? Simple: the recruitment agency that helped me, will send your resume to over 1200 companies around the world, and according to your location, they will call you for an interview!

I guarantee you’ll make a lot of money in the future, if you take immediate action and follow the tips I share below!  The great thing about an oil and gas job, especially in the oil rig industry, is the fact that it pays a lot, and it is a really secure job, while giving you the benefit of only working half of the year.

The Job Crisis In The Offshore Oil Sectors

oil rig jobs (2)The fact is, in the next 5 years, shortage of offshore oil rig workers will become a major problem for most offshore drilling companies around the world. The truth is that this will also happen for onshore sectors as well, so if you want to work in the oil field, relax because there will be lots of opportunities in the future.

This Is A Good News For You To Act On

Industry experts have predicted that nearly half of the present offshore workforce will be leaving the industry for retirement within the next 5 years.   Offshore employment agencies are now looking forward to hire new workers with at least one year of physical labor experience. And to be honest, even if you have never worked before, if in your cover letter, you explain that you are a hard working person who wants to work on an oil field (and that you worked hard around your house ever since you were small), they will give you the job!

Of coarse, Painting, assisting, loading, cleaning, etc… from multiple jobs for at least one year will qualify you easier, but remember, oil companies want people who say they want a job with them! More on that below!

Even the API (American Petroleum Institute) has no idea how many old hands will be retiring, but many believe one thing.  There Is Presently A Growing Shortage Of Entry Level Workers.

Oil Industry Experts Agree That The Shortages Will Affect These Positions: roustabouts, roughnecks, Electricians, Welders / Pipe Welders /Fitters, Motormen,  Storekeepers /Warehousemen, Crane Operators, Medics, Roughnecks, Derrick men, Drillers,  Assistant Drillers, Diesel Mechanics, Motormen, Cooks,  Stewards, Trainees.

Most of the built oil rigs are Ultra Modern Drill Ships and Employment agents are complaining that there is a real problem getting these new rigs crewed up due to the fact that this offshore oil drilling sectors is a HIDDEN MARKET (these vacancies are not advertised like normal vacancies).

https://oilrigjobsforbeginners.wordpress.com/

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How to Get Your Foot in the Door With An Entry-Level Oil Industry Job

“We usually find gas in new places with old ideas. Sometimes, also, we find gas in an old place with a new idea, but we seldom find much gas in an old place with an old idea. Several times in the past we have thought that we were running out of gas, whereas actually we were only running out of ideas.” – Adapted from Parke A. Dickey by American Potential Gas Committee.

 

Not everyone in the course got a job. Some attendees had bad driving records—something the program should have screened for beforehand, because oil drilling companies require a clean driver’s abstract. Some failed the drug test—something the program screened, but they thought they had been off drugs long enough for it to be out of their system. Some failed the physical, which could not be pre-screened. The physical isn’t that hard, but some just couldn’t pass it.

After all was said and done, I had a job, but I also accumulated another $7,000 of debt while trying to get settled in Alberta. That was on top of my pre-existing debt load of $5,000.

Ultimately, a number of us talked about our job-hunting experience, and we all came to the same conclusion: we just got ripped off! The course really didn’t do anything we couldn’t have done on our own, but that begged the question: why didn’t we do it on our own if it was so easy?

The answer is that the right information on how to get an entry-level job in the oil industry just isn’t out there. Try it and you’ll find that Google takes you in circles. So how do you end up where you want to be without knowing where to start?

The reason for this problem, I believe, is because entry-level jobs in the oil industry start at ground zero, meaning the physical location of the oil well. People working these jobs don’t need any special education. They start as green hands, learn as they go and work their way up. And the companies that work on the oil wells are contracted out by the oil companies.

This means two things:

1) Since these jobs don’t require a special education, the companies filling these jobs can just advertise locally or not at all. Locals can just walk in off the street and submit their resume, or a friend gets them a job, or a friend of a friend, etc.

The point is: there is no need to advertise these jobs beyond the local market because there’s never any shortage of people applying from the area.

2) These entry-level jobs are typically filled through third-party firms that are contracted by the oil companies. You’re never going to visit the Shell or Imperial Oil website and find an entry-level job to run a vac truck, because the oil company has nothing do with hiring people for these positions.

Read more here

http://www.pennenergy.com/articles/pennenergy/2013/11/landing-an-entry-level-oil-industry-job.html

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