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Wednesday, March 11, 2015

Yinson ... 'Wish For' Like SKPetro

It was fnally awarded the contract for the chartering, operation and maintenance of a FPSO facility at the Off shore Cape Three Points Block located in the Tano Basin, approximately 60km off the coast of Ghana, by Italian oil major Eni SpA.The Sankofa and Gye Nyame discoveries hold in place resources of about 1.2 trillion cu ft of non-associated gas and about 150 million barrels of recoverable oil.

The charter will have a value of US$2.5 billion (RM9.07 billion) over a period of 15 years and options worth US$717 million for another five years. It is expected to hit first oil in the third quarter ended Oct 31, 2018, forecast.

This is the first FPSO award since its acquisition of Fred Olsen Production in 2013, and costs circa US$1 billion.

The FPSO for the job is currently (Jan 2015) undergoing steel replacements and will be converted to fit the needs of the field at a cost of USD1 billion. It will commence operation in Ghana in Sept 2017 and will start contributing to the group from financial year ending Jan 31 2018.

Due to its prudent accounting policy, Yinson will not recognise any contributions during the conversion period of about 2.5 years. However, management guides that the FPSO is expected to contribute to the bottom line significantly upon the commencement of production (first full year contribution of about RM150 million accretion to bottom line).
 
The recovery of non-associated gas, which is yet to be awarded, is a further upside for Yinson.
 
Yinson will see a positive cash flow from the contract after six to seven years.
 
With the new FPSO contract, its order book has ballooned to about USD5.8 billion.

Meanwhile after his resignation from the board of SKpetro, there is now speculation that Tan Sri Mokhzani could be looking at raising is interests in Yinson. However he said he had no plans at the moment.
Mokhzani via Kencana Capital Sdn Bhd owns an 18.56% stake in Yinson as at June 27 2014.

Kencana Capital is Yinson’s second largest shareholder, after the offshore services provider’s chairman Lim Han Weng’s personal direct stake of 22.04%. Lim’s spouse, Bath Lim Lian, owns 8.82%.
Mokhzani sees value in Yinson. Sources say he may want another 4% to 5% worth possibly rm100 million to push it closer to 25% via direct transaction and not from the open market.

As at Dec 9 2014, Mokhzani had a 0.16% direct stake in SKPetro and was deemed interested in another 10.38% stake via Kencana Capital and Khasera Baru Sdn Bhd, another of his private vehicles.

Yeow had a 0.39% stakeor 23.18 million shares in SKPetro.

Mokhzani also said that he has no plans to dispose of his 10.54% stake in SKPetro.

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