Friday, 7 March 2014

Oil and Gas / Offshore & Marine Stocks in Singapore

Enough of the boring topics in the previous posts. Today I am going to start my first post on Investment related topics. Most people when they hear about investment, they will say, Yes! Making Money!  Is that everything about Investments? I will probably elaborate that in my future posts.

But for now, before we start investment, we should first learn the basics of investments. Many Stock Bloggers in Singapore has already discussed about Fundamental Analysis and Technical Analysis, which you can easily find. While FA and TA are the most powerful tools on stocks, knowing the industry, understand the businesses of the companies and who are the management team driving the companies are equally important.

For me, aside from Blue Chips, Reits, I prefer to invest in the industry that I am familiar which is Oil and Gas or Offshore & Marine. This blog is not about Stock picking but more on understanding the business and value of Stocks.



Value Chain

Understanding the value chain in Oil and Gas is critical. Below is a very brief value chain from Top down A) to G)
A)      Oil Majors, Oil Exploration & Production companies
B)      Rig owner
C)      FPSO owner
D)      EPC contractors
E)      Rig and FPSO builders, conversions & repairs
F)      Offshore Vessel owners and/or builders
G)     Equipment / services providers

Oil Companies / Exploration & Production

Oil Majors and Exploration & Production (E&P) companies, depending on the oil price and future outlook, will plan Capex and look at which oil wells/regions to own and develop.

E.g of Oil Majors. Shell, Exon Mobil, BP, Total, PetroChina, Petronas, Petrobras, PEMEX etc

Recently there are also many smaller Oil & Gas E&P companies listed in SGX. They are Loyz Energy, RH Petrogas, Interra Resources, Linc Energy, Kris Energy, Ramba Energy, Mirach Energy etc

Rigs

If viable, they will survey and develop the fields and later require Oil rigs to drill and extract the oil. E.g. of Rigs operator and owners are Ezion, Transocean, Noble Drilling, Seadrill, CNOOC etc. To be honest, Ezion is more like a bare-boat charter of rigs, which means without crew. Also Ezion owns mainly specialized Liftboats which are not drilling vessels but more for well-intervention and maintenance of wells.  

FPSO

The extracted crude oil can be process and store by an FPSO (floating production storage offload). There is only one FPSO owner in Singapore which is Ezra. Bumi Armada is listed in Malaysia while, SBM, BW Offshore, Modec etc are international players. In the whole oil developments process, there will be oil wells, valves, pipings and all sorts of construction works in the seabed. Normally, all this construction work will tender to various EPC (Engineering Procurement Construction) companies. EPC or Construction companies in Singapore include Swiber and Ezra. In Malaysia, you can find SapuraKencana, while Technip, Subsea 7, McDermott etc are international players. 

Subsea

The water depth is a consideration for the type of vessels and equipment to use. The deeper it goes, the more complicated the technology, which means that older vessels need to be replace or upgraded. This also gives more opportunity for companies who are in the subsea segment. Brazil and Gulf of Mexico are regions where Oil and Gas are booming with many discoveries of deeper oil wells. E.g. of Singapore companies focusing on subsea are Kruez subsea which was recently sold off by Swiber and Mermaid Offshore Services listed in SGX.

Yards

The Rigs or Drilling vessels and FPSO operators upon higher utilization demand for their vessels, will start to build new ones. The Rigs will be built in Keppel Fels, Sembcorp PPL or Jurong, Cosco etc. FPSO is normally converted from Oil Tankers and one of few largest in the world is Keppel Shipyard and Jurong. For newbuild FPSO, it is normally built in Korea yards like Hyundai, Daewood, Samsung etc. Then there is STX OSV who focus on building complex specialize Offshore vessels and Triyards which is a subsidiary of Ezra who typically built Liftboats for Ezion

Rig Speculators “owner but not operator”

Please note that some company will build a Rig first, and then hope to sell it sometime down the road, because a Rig typically takes 32months or more to build. This is called Speculation!!! These companies are like traders of Rigs. We must note the difference between “operators that own the Rigs for operational projects with their own crew” Vs “speculators who own the Rigs now and then sell it later or charter to Rig operator”.

Lots of Singapore companies are involve Rig speculating in view of the recent Rigs frenzy.
These companies announce to the public that they had just contracted a Rig orders, and the next moment, their share price rocketed. E.g. EMS Energy, Viking Offshore, Marco Polo lately. However one must really know what are the motives behind the stories and how it is cooked, such as who are the investors that these companies are partnering to finance the rig building and how potential is the company’s ability to sell or charter or even operate the vessels later. Otherwise Risk Element can be huge since building and owning a Rig is very different from a traditional Offshore Vessels. Operating it is even more difficult with the right crew.

Similarly, building an Offshore Vessel is much more complicated than building traditional Shipping or Merchant vessels like those of NOL.

Offshore Support Vessels (OSV)

For every Rig/ FPSO or EPC Construction project, they will require several offshore support vessels (OSV) or Construction vessels to complement the offshore work or to provide supplies of food, equipment, accommodation etc. OSV are typically PSV (Platform supply vessels), AHTSV (Anchor Handling Towing Supply Vessels, Maintenance Accommodation Vessels, Offshore Construction Vessels, Diving Vessels etc. E.g. are Ezra, Swiber, Nam Cheong, Pacific Radiance, ASL Marine, Mermaid Offshore, Jaya, Vallianz, Swissco, Marcopolo, Otto Marine, Falcon Energy, CH Offshore etc.

Most of these companies both own ships for chartering as well as yards for building new vessels, yards for maintaining their own vessels.

Equipment Suppliers

All the rigs, FPSOs or OSV will require lots of equipment. E.g. FPSO require topsides or modules which are mainly built in Dyna-Mac. Rigs require jacking and mooring systems which are provided by Baker Tech. 

Rigs have Blow Out Preventer which are serviced by MTQ. MTQ also serviced Engines and provide subsea services of ROV after acquiring an Australian company Neptune. Then there are wire rope and anchor suppliers like Gaylin, KTL Global, Teho etc. There is many other equipment supplier in the Offshore industry like Mencast, Viking Offshore, Heatec Jietong, KS energy etc.

*SGD Listed companies are bold.

Disclaimer:
I am trying my best to input as much as I know. Of course if you discover that some of the information is incorrect, do feel free to leave comments to share and discuss. I will be most appreciative as I am learning each and every day as well.


45 comments:

  1. Hi Rolf,

    First time posting a comment on your blog.

    I actually like to read the very old posts of blogs as quite often, there are many gems like this one. I believe that a blogger's initial posts are some of his best and it's quite sad that they are written when readership is low. =p

    My qualitative understanding of the O & G/Offshore & Marine sector is pretty weak even though I own a few stocks that you mentioned. Learnt quite a fair bit from this article.

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  2. Hi 15HWW,

    Thanks for the comments. Your analogy is very true. The first few blogs are most original and one of the best!

    I am no gurus in stocks but having worked in O&G for more than 10 years, I do know a bit about the sector! Pls focus on the facts I write and ignore my views if it is not applicable. Also do correct me if anything wrong you discover. :-) if you need any info, do email me. I will try my best to share.


    I read your blog too! I feel that you put in so much effort in it, and really commendable. Comments are meant to differ, we learn, but what your blog evolve is your feelings and emotions! It is so you (non-pretentious) and so original. I like it a lot. Keep up the good work and let's learn from each other to improve ourselves!

    Cheers, Rolf

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  3. Hi Rolf,

    You are too humble. Spent the last hour or so reading through the posts and have only got to early June. Yet, I feel I have learnt quite a bit. =)

    I think you also put in quite a bit of effort in your posts and I am impressed by some of your analyses.

    Have added your blog to my blogroll as I feel my readers will benefit from your insights too. Many people like to invest in the O & G sector (one of the success stories of SG) but might not have the remotest idea of how the industry works.

    I have a friend who works as an accountant at one of these O & G firms and I have learnt quite a bit from him. It's hard to beat when you're working in the sector. =)

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  4. Hi 15HWW,

    Heartfelt appreciation for the kind words and especially your time. :-)
    Thank you, thank you, thank you!
    By the way, I added you in my blogroll too.
    Have a splendid day and week ahead.

    Cheers, Rolf



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      My name is Michael Lee a citizen of Illinois, USA. i have been scammed by 7 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 23930USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called MARTINEZ LEXIE LOAN COMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 7 different lenders who did nothing but to course me more pain. I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also i have made the right choice of contacting them. I filled the loan application form and proceeded with all that was requested of me and to my greatest suprise my loan was granted to me without further delay and here i am today happy because Martinez Lexie Loan Company HAS GIVEN ME A REASON TO LIVE, so i made a vow to my self that i will keep testifying on the internet on how i got my loan. You are to contact this GODSENT LENDER via Email: Lexieloancompany@yahoo.com OR Text +18168926958


      Delete

  26. Am Raymond Thompson, the issue of credit and collateral are something that clients are always worried about when seeking a loan from a legitimate lender, getting a legitimate loan have always been a huge problem To clients who have financial problem and need solution. But we have made that difference in the lending industry, We offer a loan from 1,000.00 to 10,000,000.00 as low as 2% interest, we fund small scale loan firm, intermediaries, small scale financial institutions, No social security and no credit check, 100% Guarantee.Our Services Include the Following:Debt Consolidation,Second Mortgage,Business Loans,Personal Loans, International Loans,Family loan. For more information about getting a loan contact us now via email:{thompsonloancompany@yahoo.com}

    ReplyDelete
  27. I got my already programmed and blanked ATM card to
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    ReplyDelete
  28. DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

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    ReplyDelete
  29. DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

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    ReplyDelete
  30. FOR YOUR REQUIRED QUICK AFFORDABLE LOAN, EMAIL dawsonlewisloancompany@yahoo.com

    Hello, I am Sandra Alice currently living in New jersey city, USA. I am a widow at the moment with two kids and i was stuck in a financial situation in June 2015 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $105,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Dawson lewis He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: (dawsonlewisloancompany@yahoo.com) Or TEL:+14105016847

    dawsonlewisloancompany@yahoo.com

    ReplyDelete
  31. We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

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    Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

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    Contact me for more details.

    Johnson Hatton

    ReplyDelete
  32. DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

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    NOTE: You are required to email us on:(carsongrantloanhome@gmail.com) or (info@easyloansint.com) Website: http://easyloansint.com

    ReplyDelete
  33. DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

    Do you seek funds to pay off credits and debts? Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? Dr. Ezra Sebastian Loan Home is the answer. Reduce your payments to ease the strain on your monthly expenses. Email (ezrasebastianloans@gmail.com)


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    NOTE:Bear in mind that it will only take less than 48 Hours to process your file is 100% Guaranteed no matter your Credit Score.

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    ReplyDelete
  34. Hello Sir / Ma,
    Are you tired of seeking Monetary assistance from Bank and different financial organization, Have you encountered firms with unsatisfied financial services?
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    Name Of Loan Firm: Wema Sundas Loan Investment,
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    Email: mrswemaloans@rocketmail.com . In receipt of your contact and seriousness to getting a loan here, You will surely get a call from my personal assistant or me the Chief Executive Officer of this loan firm.( BEWARE OF DUPLICATE OF THIS ADVERT WERE NAME AND EMAIL ADDRESS WILL BE CHANGED ) Too many fake loan firms online.We are the only loan firm that has made Our mission solving your financial problems and help your business succeed our priority.

    ReplyDelete
  35. DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!

    Do you seek funds to pay off credits and debts? Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? Dr. Ezra Sebastian Loan Home is the answer. Reduce your payments to ease the strain on your monthly expenses. Email (ezrasebastianloans@gmail.com)


    DO YOU NEED 100% FINANCE? we give out loans with an affordable interest rate of 2%
    EZRA SEBASTIAN LOAN HOME, (ezrasebastianloans@gmail.com) aims is to provide Excellent Professional Financial Services.

    Please, contact us for more information: (ezrasebastianloans@gmail.com)

    Our services include the following:

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    *Refinancing Loans
    * Home Loans
    *Start-up- working capital loans
    *Hotel loans*Student loans
    *Construction loans

    We give you loan with a low interest rate of 2% and loan duration of 1 to 30 years to pay back the loan (secure and unsecured). Do not keep your financial problems to yourself in order for you not to be debt master or financial stress up, which is why you must contact us quickly for a solution to your financial problems. It will be a great joy to us when you are financially stable. Email (ezrasebastianloans@gmail.com)

    NOTE:Bear in mind that it will only take less than 48 Hours to process your file is 100% Guaranteed no matter your Credit Score.

    Yours Sincerely,
    Dr. Ezra Sebastian

    We look forward to hear from you ASAP

    ReplyDelete
  36. First let me say thank you DR.SANDY to the Resolve team for their tremendous support throughout this whole ordeal! I will tell you that even though I felt much better with signs and symptoms 16 days post detox, I still tested positive in March or this year and was disappointed, but after talking to the resolve team and uncovering that the thousands of dollars I wasted on herbal suppressants to burry the virus probably made it more difficult to eradicate. The resolve team suggested additional product I immediately shipped the (20 day booster detox) and immune booster. I followed their recommendations to the letter. More viruses came out of my body! I had more clearing symptoms. Resolve told me to get the PCR HSV 1 & 2 and the western Blot Elisa HSV 1& 2 blood tests at 4 to 6 weeks post booster. I think I waited 7 or 8 weeks to be sure. Well I went to my Dr.SANDY and he wrote out the script on the orders. As a matter of fact she had to add those tests, as they were not standard protocol on the order form. I went to the lab company and drew the blood. It took a while but I called TODAY and the nurse that answered the phone said that they had gotten the results earlier and the Dr.SANDY signed off so he could tell me the results. Both tests came back NEGATIVE, NEGATIVE. Best day of my life in years. All I can say, is that upon individual situations, it may take longer to rid the virus from some people. Mine was 6 months. Yes, I will post the results very soon as I am going to the Dr.Sandy. office to get a hard copy of the results. This is for real, I would not lie. Now, for the rest of my life, there is a happy ending after all. Billy,and Dr.Sandy have den it for me and my family so happy now Email
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    I can’t believe this has happens in my life....

    ReplyDelete
  37. Are you an individual businessman or a business organisation that wishes to expand in business ??, we offer financial instrument such as BGs, SBLCs,MTNs, LCs, CDs and others on lease and sales at a rate of 4%+2% of the face value and reasonable conditionfrom a genuine provider. You are at liberty to engage our leased facilities into trade programs as well as in signatory project(s) such as Aviation, Agriculture, Petroleum, Telecommunication and any other project(s) etc.

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    ReplyDelete
  38. Hello Everyone, i am DAVID HILL MILLA now living in FLORIDA. I am SINGLE DAD, at the moment, two children and I was struck on the financial situation and need to refinance and pay for my son's medical bills and school fees. I tried looking for different loan lending companies and private corporation but never got a loan from them, and most banks reduced their credit. But as God would have it, I was introduced to the private loan lender JULIA NAVARO CEO NAVARO LOAN COMPANY and I got the loan amount ($553,760 USD), and today I am a business owner, and the kids are doing well at the moment. So, my dear friends, if you need to contact referring to all the companies that provide the loan at low interest rate of 2% and better repayment plans and schedules, please contact (JULIA NAVARO) at Navaroloancompany@yahoo.com. I'm so happy now, and I decided to let people know more about it, she offers all kinds of loans to individuals and company, and I want God to bless her. You can contact the company via e-mail (Navaroloancompany@yahoo.com)....

    ReplyDelete
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  40. Dear sir / ma
    We offer
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