Highlight Scomi Energy secures US$71.4m oilfield services jobs, despite softening oil drilling market

by **Cals** Thu 11 Jun 2015, 19:43

Highlight
Scomi Energy secures US$71.4m oilfield services jobs, despite softening oil drilling market

KUALA LUMPUR (June 11): Scomi Energy Services Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s oilfield services division has secured US$71.4 million worth of contracts for the first five months of 2015, despite the easing of drilling activities in many markets, bringing its current order book to over RM4 billion.
The new contracts secured this year was from about US$980 million worth of bids submitted so far, Scomi said in a statement today.
“We are encouraged by this development, despite the easing of drilling activities in many markets.
“We have been focusing on delivering the right solutions and service quality to our clients and we believe these are the main reasons for our success in this challenging environment,” said Scomi Energy (fundamental: 1.0; valuation: 0.5) president of its market units and oilfield services division, Wan Ruzlan Iskandar.
Orders from Oman and Thailand drew US$33 million each, while the balance came in from Australia, Indonesia, Russia and Pakistan.
The contracts involve the provision of drilling waste management equipment and services, as well as drilling fluids solutions to its clients in the Middle East, Asia Pacific and Europe, Scomi’s statement read.
Looking ahead, the company remains optimistic that the results of other tenders will be positive, especially in its core markets of Myanmar and Indonesia.
“The Middle East markets also remains very active, as it is currently the only region with rig count growth and national oil companies pushing for higher production of oil.
“With the introduction of graphene-based technology to our diversified product range, we are expecting to maintain this momentum, going forward,” said Wan Ruzlan. He added that with Scomi Energy’s presence in over 20 countries, the group is well-positioned to bid for projects globally.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)