Ramunia expects to list on second board in fourth-quarter


  • Business
  • Tuesday, 24 Aug 2004

OIL and gas engineering and heavy-fabrication group Ramunia Holdings Bhd will make its debut on the Bursa Malaysia second board in the last quarter of 2004 via the re-structuring and re-listing of Saship Holdings Bhd (SHB).  

The company said in a statement it had received conditional approval from the Securities Commission on Aug 9 for the restructuring and relisting of SHB. Ramunia, an investment holding company, will wholly own Ramunia Fabricators Sdn Bhd (RFSB), which is one of the three largest fabricators in the country. 

The latter operates Teluk Ramunia Yard, which is located at the southern tip of Johor and was initially acquired via Pengurusan Danaharta Nasional Bhd in 2001. 

RFSB is a niche player in the high-growth heavy-fabrication industry and one of only six companies that holds a Petronas Major Fabricator Licence. RFSB currently has over RM100mil worth of projects in its order books stretching through until the first quarter of 2006. It is also tendering for work worth more than RM1bil for local and international clients. 

“We are decidedly upbeat on the future of the group in view of the growth in the oil and gas sector,” said Ramunia chairman Datuk Azizul Rahman Abd Samad. 

Teluk Ramunia Yard, which has a long history in the design, engineering and fabrication business, was badly affected by the economic crisis in the late 1990s. When Ramunia group took over the asset in 2001, it began to re-establish the business, which included the ground-breaking job for Petronas Carigali Sdn Bhd’s Kinarut gas field where RFSB last year completed the longest jacket – a key component in offshore oil & gas superstructure – ever fabricated in Malaysia. 

“The Kinarut contract shows that we are capable of world-class work and Ramunia will be a competitive player in the oil and gas industry,” said Azizul. 

Since the Kinarut job, RFSB has expanded its client base to include oil majors like ExxonMobil and Shell. It is now poised to bid for jobs from other international oil and gas production-sharing contractors operating in Malaysia, like Amerada Hess, Murphy Oil and Talisman. 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Across the site