While UMW Oil & Gas Corp (UMW-OG) will achieve full utilisation of its seven jack-up drilling rigs by the second half of this year, the oil and gas (O&G) service provider expects its earnings to remain under pressure due to subdued charter day rates, local reports said.
Malaysia's Northport is set to boost its connections in China after signing a memorandum of understanding (MoU) with the China unit of fellow Malaysian conglomerate Sime Darby's Weifang Sime Darby Port to develop a sister port relationship, local media reported.
Malaysia's recently revived Asia Petroleum Hub (APH) project awarded China Railway Engineering Corporation (CREC) a $400m contract for the construction of the oil terminal, local reports said.
Fresh from gaining shareholders' approval for fully acquiring Penang Port, MMC Corp said it will focus on creating value for its port unit in the next one to two years before it considers listing its operations.
Malaysia is abolishing its 30-year old cabotage law between the east and west of the country from 1 June.
Fast on the heels of its failed consolidation cum fund raising exercise with Icon Offshore and Orkim, UMW Oil and Gas (UMW-OG) is now planning to make a cash call.
Malaysian port operator Westports Holdings is making moves to expand outside its home market, saying in a stock market announcement that it has expressed interest to participate in the Hayleys-led consortium bidding to complete the construction of Colombo Port’s East Container Terminal in Sri Lanka.
Malaysian port operator Westports Holdings is allocating over MYR800m ($183.8m) for expansion scheduled to be completed by the end of the year, including the construction of its Container Terminal 8 (CT8) Phase 2 wharf and container yard, this year, local media quoted ceo Ruben Emir Gnanalingam as saying.