Continuing an occasional feature taking an anecdotal look at the state of the offshore marine sector based on activity in the Johor Strait/River area this weekend we saw the Malaysian jack-up rig Velesto Naga 2 being towed out for its new charter contract with Petronas.
Malaysia’s Bumi Armada has refinanced $660m of its short-term corporate debts to improve its balance sheet and is looking to dispose of some assets to free up cash.
Malacca-based Tanjung Bruas Port (TBP), a member of the MMC Group, has expanded its business by offering containership handling services at its Tanjung Bruas Port terminal.
A collision on Saturday between a Greek-registered bulk carrier and a Malaysian government vessel in disputed territorial waters has reignited politcal tensions between Singapore and Malaysia over an ongoing sovereignty claim of sea borders.
Battered offshore supply vessel (OSV) shipbuilder Nam Cheong is looking forward to emerging from its long period of financial troubles with the successful approval and sanction of its scheme of arrangement as well as a proposed rights issue that will help to ease its cash crunch as well as position well for a recovery and future growth in oil and gas business.
Predictably, the sights of the new Malaysian government’s crackdown on expenditure have now fallen on the Carey Island project, which has been previously linked with Chinese interests.