O&G stocks stage rally

Oil and gas stocks rallied Tuesday on hopes that record high crude oil prices will lift earnings for contractors like SapuraCrest Petroleum Bhd, Scomi Group Bhd and Kencana Petroleum Bhd.

Alam Maritim to gain from extensions

Alam Maritim Resources Bhd's current charter contract extensions, worth RM100.57mil, for two of its anchor handling tug supply (AHTS) vessels will improve its net profit by 7.7% to RM76.6mil for the year ending Dec 31 (FY08), according to OSK Investment Research.

News in brief

Support Line

By K.M. LEE

High crude prices a boon for oil and gas service providers

The prospects for oil and gas (OG) service providers remain strong given that the high price of crude oil is expected to spur oil majors to embark on exploration and production (EP) activities and boost demand for equipment and services.

High oil price to benefit O&G support industry

The high price of crude is giving oil majors an incentive to further invest in exploration and production, which will also benefit companies providing services and equipment to the oil and gas (OG) industry.

Alam Maritim to spend RM300m on expansion

Alam Maritim Resources Bhd expects to spend about RM300mil in capital expenditure (capex) this year to buy new vessels and equipment.

Alam Maritim eyes RM800mil jobs

Alam Maritim Resources Bhd is bidding for an underwater and maintenance contract, worth RM600mil to RM800mil, from Petronas Carigali Sdn Bhd and is also looking for potential Middle Eastern investors.

Alam Maritim expanding abroad

Alam Maritim Resources Bhd's remotely-operating vehicles (ROV) and jack-up drilling rigs services are set to propel the company into the international arena.

Alam Maritim likely to secure 30% of tenders

Offshore supply vessels (OSVs) service provider Alam Maritim Resources Bhd is confident of securing 20% to 30% of the RM1.3bil worth of projects it has tendered for.