Ramunia

It is said to be still searching for a compatible partner despite the number of prospective players. According to sources, it is now eyeing some of UMW Holdings Bhd’s O&G assets. But it is not certain which assets Ramunia is looking at specifically.

LTH holds a 25.17% stake in Ramunia as at Dec 2010.

However, UMW official denied that this was the case.

As at Oct 2010, it had cash reserves of about rm130 million, with almost no debts. Since then, it has been on the lookout for core assets.

Ramunia has a July 13, 2011 deadline to submit a regularization plan to the regulators. Things have been looking up over the past years (2010) following a push towards more local O&G activity, as well as LTH’s efforts to facilitate deals with other O&G players.

In 2010, Ramunia has signed several deals, including one with Coastal Contracts Bhd and the acquisition of a fabrication yard in Pulau Indah from Oilfab Sdn Bhd for rm83.3 million earlier 2011. It has also been reported that Ramunia is in talks with Coral Alliance Sdn Bhd, but nothing has come of it yet. The companies see synergistic value between Coral Alliance’s hook up and topside maintenance business and Ramunia’s oil rig fabrication activities.

Industry observers say Ramunia is trying to position itself as a major O&G player as part of its plan to have its PN17 status removed. The plan could include UMW’s three jack up rigs.

With the rigs, it could venture more deeply into marginal oilfields. It has already signed an agreement with two firms. It could also utilize Coastal’s Sandakan yard for its operations since the parties have signed a MOU.

Another view is that it teamed up with both Coastal and Coral Alliance, either in a full merger or as a JV company, it could become a sizeable fabricator. Ramunia is also said to be looking at yards in Indonesia .

Ramunia’s Fabricators Sdn Bhd is one of the few major fabricators in Malaysia that has been licensed by Petronas. The company has expressed that it would like to position itself as an integrated EPIC contractor.