Seadrill Files for Chapter 11 Bankruptcy – gCaptain gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (Feb 9): While higher Brent crude prices have fanned interest in oil and gas (O&G) counters listed on Bursa Malaysia, fund managers and heads of research believe not every company is set to benefit immediately from the higher prices.
Areca Capital Sdn Bhd chief executive officer Danny Wong explained that sustained higher oil prices would have macroeconomic benefits which will impact oil producers such as Petroliam Nasional Bhd (Petronas), resulting in possibly higher dividends to the government.
“In general, the high oil price can boost sentiment in the O&G sector. However, investors will have to be selective. Oil majors are still cautious,” he qualified.
Sapura Energy Bhd has clarified that the bankruptcy filing by Seadrill Ltd’s Asian units (Seadrill Asian) did not affect its Brazil joint venture (JV) Sapura Navegacao Maritima SA (SNM). The group made the bourse filing in response to a media report which mentioned that the Chapter 11 filing may affect the JV.
KUALA LUMPUR (Feb 9): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Feb 10) include: Sarawak Consolidated Industries Bhd, Mitrajaya Holdings Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Eonmetall Group Bhd, LKL International Bhd, Gets Global Bhd, Dialog Group Bhd, Berjaya Food Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Teo Seng Capital Bhd, Oriental Interest Bhd, Genting Malaysia Bhd, AirAsia Group Bhd, Sapura Energy Bhd and Scomi Energy Services Bhd.
Sarawak Consolidated Industries Bhd’s units have bagged contracts worth RM821.32 million in Malaysia and Qatar for engineering, procurement, construction and commissioning (EPCC) projects. The first contract is for an EPCC project in Kuching worth RM421.97 million for the proposed mixed development in the Muara Tuang Land District and part of River Bank reserve, with an expected duration of 108 months. The second contract is for an EPCC contract in Qatar worth US$98 millio
(Feb 8): Seadrill Ltd, the rig operator controlled by billionaire John Fredriksen, filed for bankruptcy protection for its Asian units after the economic downturn triggered by the coronavirus pandemic worsened a crisis in offshore oil drilling.