bimbsec - oil and gas news flash - petrofac bekok - 23052012

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BIMB SECURITIES RESEARCH MARKET INSIGHT Wednesday, 23 May, 2012 PP16795/03/2013(031743) | 1 News Flash Bekok C EPCIC Chiong Tong Chai [email protected] 03-26918887 ext 175 Petrofac announced that it has been awarded an USD220m contract by Petronas Carigali for the refurbishment of the Bekok-C platform. The platform is located in Block PM9 in the south-eastern part of the Malay basin. The engineering, procurement, construction, installation and commissioning (EPCIC) contract will be executed on alliance basis with completion targeted in 15 months. As such, potentially we could see some local players teamed up with Petrofac for the contract. Maintain our Overweight call on the sector. Bekok C background. Located 200km offshore Terengganu and operated by Petronas Carigali, the platform is a manned platform serving as a gas processing and compression hub exporting gas from the Guntong, Tiong and Bekok fields of Block PM9 in addition to production of crude oil and gas from its own wells. The platform was previously damaged by a fire in 2010 which also injured six persons. It was previously reported that a Mobile Offshore Production Unit (MOPU) has been chartered by Petronas Carigali from Perisai Petroleum to temporarily replace the damaged Bekok C wellhead platform. May see local beneficiaries. As announced by Petrofac, the contract will be executed on alliance basis. As such we may see some local players teamed up with Petrofac for the contract execution. For the record, Petrofac had previously teamed up with Bumi Armada and Kencana in the EPCIC contract for the fast-tracked Sepat early production system which involved the conversion of a Floating, Storage and Offloading vessel and the development of a MOPU under a contract that valued at USD280m. Our view. We remain sanguine on the sector and expect continuous positive newflows throughout 2012. OVERWEIGHT rating on the sector, maintain Buy on Bumi Armada (RM4.65), Dayang (RM2.59), Dialog (RM2.78) and Uzma (RM2.70), Trading Buy on Wah Seong (RM2.38) and Sell on MMHE (RM4.37).

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Page 1: BIMBSec - Oil and Gas News Flash - Petrofac Bekok - 23052012

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