9 months ago

Petromin marine and offshore Jan-Feb Issue

TUBACEX Closes 2017 In A

TUBACEX Closes 2017 In A Record-Breaking Year for Premium Order Winning TUBACEX announces its annual results anticipating the end of the worst crisis ever to hit the Oil&Gas sector. In a background defined by a permanent drop in volumes and prices remaining under pressure, with particular impact on results during the last three years, TU- BACEX has had sales of €490.4 million, a decrease of 0.7% compared to the results obtained in 2016. These sales were achieved in a record-breaking year in terms of winning high technological value orders, with a backlog in excess of €700 million, whose impact will begin to materialize in the first quarter of the year, forecasting significantly improved results from the start of the year. This improvement will be visible in 2018 and 2019, coinciding with a maximum acceleration momentum for the Group industrial plans oriented to plant specialization in Premium products in Austria and production increase in India. In terms of market situation, the Capex increase effect announced by the oil companies will require a length of time to be translated into a growth in demand for the Group products. TUBACEX CEO Jesus Esmorís believes the worst part of the crisis is over. “We are turning the corner of the worst crisis in history and look to the future with optimism and peace of mind in the knowledge that we have done our homework in the last three years” he concluded, in relation to the progress made by the Company in the field of design and manufacturing of high technological value tubular solutions, achieving record-breaking sales figures in Premium products year after year. These results emphasize the value of TUBACEX positioning in the Premium segment, along with constant efforts to increase efficiency and cost control. “For the last three years we have witnessed the worst crisis in the oil sector history. The industry CAPEX has dramatically shrunk leading to an unprecedented drop in manufacturing volumes and fierce price competition. Despite the situation, we have been able to overcome this crisis with reasonable results”, he added. Harris Pye Group Opens Korean Office Harris Pye, the global engineering group, has opened a new office in Busan in South Korea primarily to keep pace with the demand by Korean shipowners and operators eager to bring their LNG carriers to shipyards in Korea for dry docking and inspection, repair or modification of their boilers. Newly appointed Harris Pye Country Manager Jaecheol Lee explains: “Previously LNG carriers were dry-docking in Singapore, but now owners prefer to bring them to Korea. This has enabled Harris Pye to set up a new office and offer repair and inspection services using our skilled workforce from our Singapore and Japan facilities initially for all necessary work on these marine boilers. In time we expect to extend our service to include industrial boilers. 40 January to February 2018

field, primarily in sales and service for a variety of equipment manufacturers for new builds. With his hand on the tiller we look forward to expanding our Korean facilities in the months and Tap Oil Limited (Tap) is pleased to advise that non-executive Director, Mr Chris Newton has been appointed as Chairman of the Company, effective immediately. Mr Chris Newton is a geology graduate from the University of Durham, England and also holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia (SIA). Chris has had a 39-year career in oil and gas covering the spectrum of the industry - from exploration, development, production and petroleum economics to strategic planning, business development and senior leadership. Chris has spent more than 25 years in senior resource industry roles in South East Asia including as Managing Director of Fletcher Challenge in Brunei and of Shell Deepwater Borneo, President of Santos’ Indonesian operations, and CEO of Jakarta-listed oil and gas company EMP. years ahead.” In 2010 Chris co-founded Singapore Tap Oil Chooses Non-Executive Director as New Chairman based Risco Energy and successfully drove Risco’s operations and business development functions. Jaecheol Lee, Harris Pye Country Manager for South Korea “We are also able to undertake boiler construction, as well as offering all necessary engineering for, and installation of, ballast water treatment and scrubber systems for a variety of vessels. “Establishing an office here in Korea means we can form the essential close and productive working relationship with our Korean clients.” “We are delighted to have appointed Jaecheol Lee to this new position,” explains Mark Prendergast, Harris Pye’s CEO. “He majored in electrical/electronic engineering at university and has worked for 38 years in the marine Chris was an active Director of the Indonesian Petroleum Association (IPA) between 2003 to 2008, including serving as President from 2004 to 2007. Chris is also a non-executive Director of ASX listed Lion Energy Ltd and remains the oil and gas advisor to the Jakarta-based Castle Asia Group. January to February 2018 41

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