Type something and hit enter

On



Hi guys,
 
I am very happy to see so many i3 Forumers buying into Velesto today. Velesto in Top no. 3 Volume makes me very happy indeed
Let Calvin share with you my reasons
 
1) FIRST AND FOREMOST IMPORTANT ANNOUNCEMENT FROM PETRONAS
As RAPID REFINERY NOW ALMOST 97% COMPLETED FOR DOWN STREAM REFINING PETRONAS IS NOW LOOKING TO UPSTREAM ACTIVITIES FOR YEAR 2019
EXPENDITURE FOR OFFSHORE UPSTREAM WILL INCREASE FROM RM11.5 BILLIONS (2018) TO RM15 BILLIONS THIS YEAR (AN INCREASE OF 30%)
 
2) PETRONAS has indicated that they will Increase Oil Rig from 15 (2018) to Mid 20s or 25 Oil Rigs and Up to End 20s about 29 Oil Rigs for Year 2019. In year 2014 Right when UMW OG Bought New Oil Rigs & New WorkOver Rigs Crude Oil Price crashed.
Of the 39 Oil Rigs in Operation 25 were put out of use due to the low Brent Crude Price fallen to a low of USD27 per barrel
UMW OG went into deep trouble like many others. And finally AMANAH SAHAM BUMI Bought over UMW OG from UMW 55%  shareholding and changed its name to VELESTO
 
3) AMANAH SAHAM BUMI IS VERY VERY FORTUNATE TO TAKE OVER SUCH EXPENSIVE & NEW ASSETS IN THIS TIME OF CRISIS. CRISIS FOR UMW CREATED GREAT OPPORTUNTIY FOR AMANAH SAHAM BUMI
These New Oil Rigs & WorkOver Rigs are VERY VERY EXPENSIVE. Each Cost Hundreds of Millions in USD
 
4) FINALLY PETRONAS HAS AWARDED HUGE PROJECTS TO VELESTO
Now please go and See JOB Awards of VELESTO from Bursa Website
 

OTHERS UMBRELLA CONTRACT FOR THE PROVISION OF 340K AND 460K HYDRAULIC WORKOVER UNIT FOR PETRONAS CARIGALI SDN BHD ("CONTRACT") OR ("AWARD OF CONTRACT")

UMW OIL & GAS CORPORATION BERHAD
 
Type Announcement
Subject OTHERS
Description
UMBRELLA CONTRACT FOR THE PROVISION OF 340K AND 460K HYDRAULIC WORKOVER UNIT FOR PETRONAS CARIGALI SDN BHD ("CONTRACT") OR ("AWARD OF CONTRACT")
1.         INTRODUCTION
The Board of Directors of UMW Oil & Gas Corporation Berhad ("UMW-OG") is pleased to announce that UMW Workover Sdn. Bhd. (“UWO”), a wholly-owned subsidiary of UMW Malaysian Ventures Sdn. Bhd. (“UMV”), which in turn is a wholly-owned subsidiary of UMW-OG has been awarded a contract for the provision of hydraulic workover units (“HWU”) for PETRONAS Carigali Sdn Bhd. (“PETRONAS Carigali”).
All relevant approvals with regards the Award of Contract have been secured today.
2.         DETAILS OF CONTRACT
2.1       The Contract is for the provision of HWU to undertake workover services for PETRONAS Carigali under an umbrella contract.  It calls for the use of all or any of UWO’s five (5)  HWU, namely UMW Gait 1, UMW Gait 2, UMW Gait 3, UMW Gait 5 and UMW Gait 6 to undertake workover services, which are services rendered in performing maintenance and/or remedial treatments on an oil or gas well.
2.2       The Contract is of an umbrella framework which provides an over-arching contractual relationship which may comprise a series of individual orders and call-outs.
2.3       Commencing from 22 December 2017, the Contract has a term of three (3) years with an option to extend for a further 1 year (“Extension”).  
2.4       Orders for services under the Contract are individually made through call-outs and at stipulated prices. At present there has not been any call-out or work orders for services.
3.         INFORMATION ON PARTIES 
3.1       Information on UMW Workover Sdn. Bhd.
UWO was incorporated in Malaysia under the Companies Act, 1965 on 13 March 2014 and is principally involved in the business of providing workover operations for the oil and gas industry.
3.2       Information on PETRONAS Carigali
PETRONAS Carigali is a wholly-owned subsidiary of Malaysian state-owned oil and gas company, PETRONAS and has its office at Level 26, Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre, 50088, Kuala Lumpur, Malaysia. The principle activities of PETRONAS Carigali includes the exploration, development and production of oil and gas.
4.         FINANCIAL EFFECTS
The Contract will not have any effect to the earnings and net assets of UMW-OG Group for the financial period ending 31 December 2017 but is expected to contribute positively to the earnings and net assets of UMW-OG Group in the financial periods in the duration of the Contract and also for the Extension, if the option to extend is exercised.
5.         RISK ASSOCIATED WITH THE CONTRACT
The risks associated with the execution of the Contract comprises operational and execution risks, which will be mitigated and/or managed by UWO, a company with a proven successful track record of undertaking workover services.
6.         DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the Directors and/or the substantial shareholders of UMW-OG and/or persons connected with the Directors and/or substantial shareholders have any interest, direct or indirect in the above Contract.
7.         STATEMENT BY DIRECTORS
The Board of Directors of UMW-OG is of the opinion that the Award of the Contract for the abovementioned workover services is in the best interest of UMW-OG Group.
This announcement is dated 16 January 2018.       
 
On January PETRONAS Gave Job Awards for 5 OGSE, namely, Carimin, Dayang, Petra Resources (Penergy), Deleum & Sapnrg
After One year we SEE Carimin, Dayang & Penergy Revenues are UP FROM 60% To Over 100%
This shows the HUGE JOB AWARDS DONE FOR PETRONAS.
 
 
 
 
NOW ON JANUARY 2018 IN BURSA ANNOUNCEMENT  PETRONAS ALSO GAVE JOB AWARDS TO VELESTO
Read again
 DETAILS OF CONTRACT
2.1       The Contract is for the provision of HWU to undertake workover services for PETRONAS Carigali under an umbrella contract.  It calls for the use of all or any of UWO’s five (5)  HWU, namely UMW Gait 1, UMW Gait 2, UMW Gait 3, UMW Gait 5 and UMW Gait 6 to undertake workover services, which are services rendered in performing maintenance and/or remedial treatments on an oil or gas well.
 
Now let's take a closer examination of these HWU
What are  these HWU
 
HWU are 

WORKOVER SERVICES (Refer to VELESTO COMPANY WEBSITE)

We own and operate a fleet of modular and versatile workover units that are well suited for well intervention operations located either on a small satellite jackets or large integrated platforms.
Our hydraulic-driven workover units with high pulling capacities are capable of performing a wide range of workover services.
 
 
See more

Hydraulic Workover


Looking for a cost efficient method to repair your well?
Hydraulic Workover is the most cost efficient method to repair all types of wells both onshore and offshore. The Hydraulic Workover Unit (HWU) is a versatile, cost saving and safe tool to perform sand cleanouts, change-out completions and to repair casing leaks. By fixing wells quickly and very cost efficient, Balance Point Control has become the market leader for Hydraulic Workover services in the North Sea.
 
Our Hydraulic Workover Units can do;
• Completions / Workover
• Plug & Abandonments
• ESP completion
• Sand screens installations
• Tubing conveyed perforations
• Liners and tailpipe installation
• Repair of down hole safety valves
• Well deepening
• Fishing/ Well clean-outs
• Casing window milling
• Casing repairs
• Packer / Plug Milling
• Cementing
• And much more….
 

How does it work?

Hydraulic Workover is a well intervention technique which can be used to install or remove tubular (pipes) in- or out of dead wells. “Dead” well means that the well has zero surface pressure and has a heavy fluid or mud in the wellbore, or is not capable of sustaining natural flow. The pipes are pulled out of the well using hydraulic cylinders. 
Hydraulic Power
 
The HWO unit (Hydraulic Workover Unit) utilizes hydraulic cylinders to lift the tubular in- or out of the well. The use of hydraulic cylinders allows perfect control over tubular movements and eliminates the use of a large mast construction which is present on conventional drilling rigs.
 
 
 
Hydraulic cylinders can generate large pull and push forces and give the HWO unit a small footprint and layout. These properties are especially beneficial for offshore operations where space is limited and where weather conditions can be harsh. In general is the running speed of a HWO unit lower than that of conventional workover rig.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOW FROM HERE WE CAN SEE WHY PETRONAS NEEDED HWU (Hydraulic Workover Unit) from VELESTO
Since year 2014 Out of 39 Oil Rigs in Use Only 15 Survived (24 Oil Rigs were left idle until this year 2019)
And this Year Petronas has again recommisioned 10 to 14 moth-balled Oil Rigs
Tell me after 5 long Years in the Offshore sea these Oil Rigs will need a Whole Lot of Repair & Overhaul before being able to be put back into use
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Why the Contract amount is not specified?
 
The ANSWER Is This
If you send a BMW Car after being idle for 5 years for Service & Repair you won't know the exact cost until you test everything & check what parts needed for repair or replacement
So is Oil Rigs left abandoned in the Sea for 5 years
THERE WILL BE LOTS OF SERVICE, REPAIR & PARTS REPLACEMENT FOR ALL THESE 10 to 14 OIL RIGS
SINCE OIL RIGS ARE THE MOST EXPENSIVE EQUIPMENT TO MAINTAIN (THEY COST BILLIONS & BILLLIONS OF USD VELESTO STANDS TO MAKE MANY MANY TONNES OF PROFIT FOR YEAR 2019
 
Next Question?
Are there any other Competitors apart from VELESTO Having HWU (Hydraulic Workover Unit)?
The Answer is None
ONLY VELESTO HAS HWU
 
 
 
Our Hydraulic Workover Units can do;
• Completions / Workover
• Plug & Abandonments
• ESP completion
• Sand screens installations
• Tubing conveyed perforations
• Liners and tailpipe installation
• Repair of down hole safety valves
• Well deepening
• Fishing/ Well clean-outs
• Casing window milling
• Casing repairs
• Packer / Plug Milling
• Cementing
• And much more….
NOW LET's TAKE A LOOK ON UMW OG FROM STOCK PERFORMANCE GUIDE By DYNAQUEST (Refer to pp 254) March 2015 Editon
And I quote
"UMWOG is the sole Malaysian owner and operator of HWUs and a petroleum-licensed provider of HWU services with four HWUs"
(as of Now VELESTO Has added a few more new ones (almost brand new and not much used) 2014 models
No one else has these HWUs that I know of. Not Sapnrg, Armada, Dayang, Penergy, Carimin, Deleum or other players. NO NO NO. NO ONE ELSE HAS HWUs EXCEPT VELESTO!!!
VELESTO IS THE SOLE OPERATOR ACCORDING TO DYNAQUEST
 
They say, "IN THE LAND OF THE BLIND THE ONE EYED MAN IS KING"
SO IN A RUSTY SEA OF ABANDONED OIL RIGS VELESTO IS THE SOLE CHAMPION KING WITH HWUs
 
BEST REGARDS
Calvin Tan Research
Singapore

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/197595.jsp

Back to Top
Back to Top