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COMPANY'S BUSINESS PERFORMANCE NEWS | |
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UMW Petrodril (Malaysia) Sdn Bhd (UPSB), a member of the UMW Oil & Gas Group (a wholly-owned subsidiary of UMW Corporation Sdn Bhd and a Permodalan Nasional Berhad affiliate) has recently achieved the remarkable safety record of 1 million manhours with Zero Lost Time Incident (LTI) through its hydraulic workover units UP Gait II & UP Gait III. UMW Petrodril, whose primary business is the provision of hydraulic workover units and related services, has been undertaking this business since 2000. As the first company to be acquired by UMW Oil & Gas division in 2002, UPSB has come a long way to becoming a strong contributor to UMW Oil & Gas Group. Their expertise in providing Hydraulic Workover Units (HWU) makes them a highly coveted organization in the field. The workover units provided by UPSB are highly capable of performing a wide range of workover activities, suited for working over wells located on small satellite jackets or large integrated platforms. To keep pace with market requirements, UPSB is constantly upgrading their Hydraulic Workover Units to ensure their efficiency, versatility and effectiveness in tackling the challenges of the evolving workover operations. UPSB is also the only Petronas-licensed HWU service provider. In his speech during the ceremony, UMW Oil & Gas President En. Zulkifly Zakaria said that the achievement of this one million safe-man-hour is the result of both Petronas Carigali’s guidance and encouragement, and UMW Petrodril’s serious involvement in promoting Health, Safety and Environment in the workover rig operations. The commitment undertaken by both parties to pursue HSE awareness and various safety campaigns in the place of work has proven to be very successful. “I believe with the strong commitment from the top management, we will continue to improve on our HSE performance and ensure that we maintain the target for Zero LTI and Zero TRCF in near future,” he added. Date: 1st June 2010 < Back to News Index > 
Sembcorp Marine delivered another quarter of growth with an increase of 23.8% in Group net profit to $148.8 million from $120.2 million in 1Q 2009. Group turnover was comparable at $1,359.4 million as compared with $1,363.5 million for the corresponding period in 2009. Group operating profit at $159.6 million was 18.6% higher than the same quarter in the previous year. Group pre-tax profit increased 22.2% to $184.9 million from $151.3 million in 1Q 2009 attributable to higher operating margins from rig building and offshore and conversion projects. The Group has a net order book of S$5.0 billion with completion and deliveries stretching till December 2012. This includes S$680 million contract orders secured to-date since January 2010 comprising S$550 million for the construction of Ekofisk accommodation topside for the North Sea for ConocoPhillips Skandinavia AS, Norway and the S$130 million pre-FPSO conversion contract for Petrobras Netherlands B.V. The outlook for global oil demand continues to improve. Oil prices have fluctuated within the range of mid-US$70 to mid-US$80 a barrel. The long-term fundamentals driving deepwater exploration and production activities are expected to continue to boost production reserves to meet growing energy demand. While the current oil spill in the Gulf of Mexico may affect offshore drilling in that region, it is too early to assess the incident’s overall effect on the drilling rig market. Our initial appraisal of the situation gives us no major cause for immediate concern. FY 2009 was an exceptional year in terms of profit. The Group expects to achieve satisfactory results for FY 2010. Date: 7th May 2010 < Back to News Index > |
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