Category Archives: Offshore

20 Apr 2020byDavid Foxwell

Kvaerner has awarded Incus-owned Scana Offshore a contract to supply mooring equipment for the Hywind Tampen floating offshore wind project

The contract is Scana Offshores first for hardware in the floating wind market. The company will deliver 33 hull brackets used to attach anchoring lines to the hulls on the floating turbines on the Hywind Tampen windfarm. The company will also provide remotely operated vehicle tools for possible replacement of the anchor lines.

Scana Offshore managing director Torkjell Lisland said the company has adjusted its strategy to be able to respond to the growing market for clean energy. From being a supplier of equipment to the oil and gas industry, the company now focuses more on fish farming and floating wind.

We have a long track record of deliveries to the oil and gas and aquaculture market. Now we are looking forward to delivering mooring equipment for floating wind power as well, a market with great potential, Mr Lisland said.

In order to get into offshore wind and aquaculture, we have developed new, cost-reducing technology.

Incus Investor chief executive Styrk Bekkenes said, This is a market we have worked hard to get into, and the contract with a world leader such as Kvaerner represents both an important milestone and a great feather in our hat.

It gives us another segment to grow in. We see offshore wind as one of the most exciting areas for further growth over the next few years.

The company will start work on the contract for Hywind Tampen immediately and deliver the anchoring equipment to Kvaerner in Q2 2021.

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Riviera - News Content Hub - Scana Offshore breaks into floating wind market - Riviera Maritime Media

HONG KONG, April 20, 2020 /PRNewswire/ -- OP Investment Management Limited ("OPIM"), Asia's leading fund platform, is partnering with Shanghai Mingshi Investment Management ("Mingshi") to launch Mingshi China Optima Master Fund and two feeder funds which invest all of assets into the Master Fund (together, the "Fund") and operates for the benefits of U.S. tax-exempt investors and other non-U.S. eligible investors.

The Fund's strategy is to actively manage long and short equities listed in mainland China but accessed through market access products issued by QFIIs/RQFIIs. The team incorporates proprietary factor models and quantitative research techniques targeting absolute returns based on years of track record of a similar profile onshore.

Founded in 2010, Mingshi is one of the most experienced quantitative firms with a strong research and development team in Shanghai, China combining China A-share expertise with global best practices in asset management. Leveraging its deep bench with modern quantitative technology, Mingshi's approach to market-neutral strategies will be applied to its first offshore strategy managed under OPIM in Hong Kong.

"The China-A share opportunity set is as volatile as it is tremendous, so it's only natural we're seeing a spiked demand for effective long-short strategies; that not only generate significant alpha, but more importantly, protect it. A lot of players talk about the idiosyncratic China factors, but only a handful of managers have successfully brought this concept offshore." Alvin Fan, Chief Executive Officer of OPIM commented, "Mingshi's team is rare, because they've an outstanding multi-year track record built by a robust R&D team that you'd find in only a handful of shops globally. Given the limited number of successful offshore peers, Mingshi's Optima is arguably China's most important launch of 2020."

Profession Yuan Yu, Co-Founder and Head of Strategy of Mingshi, commented: "We've been working closely with OPIM over the last year in preparation of this launch, and we're intensely focused on ensuring the same institutional grade product offshore as we have onshore. We couldn't be more thrilled to help allocators globally finally build actively-managed exposure to systematic alpha in China's A-share market."

About OP Investment Management Limited

OPIM is a leading Hong Kong based asset management company established and licensed since 2004 with Hong Kong Securities and Futures Commission (the "SFC") to carry out Type 4 (advising on securities) and 9 (asset management) regulated activities under the provisions of the Securities and Futures Ordinance (Cap.571) (the "HK SFO"). The company is also a member of the Oriental Patron Financial Group and associate of OP Financial Investments Ltd. (Hong Kong publicly listed 1140.HK). OPIM partners with emerging managers to develop innovative strategies for institutional and professional investors. OPIM's institutional fund platform attracts both managers and investors from around the world working with the industry's best business partners in alternative asset management.

About the Oriental Patron Financial Group

Founded in 1993, Oriental Patron Financial Group is an independent financial services group based and fully licensed in Hong with the Hong Kong Securities and futures Commission (the "SFC"). Oriental Patron provides a diverse range of financial securities from Advisory to Investing, Financing to Securities and Research.

About Shanghai Mingshi Investment Management

Established in 2010, Mingshi Investment is a leading quantitative hedge fund manager in China and a member of Asset Management Association of China. Focusing on quantitative investment strategies, Mingshi Investment combines cutting-edge financial research with quantitative models to establish and optimize long-term sustainable investment strategies.

Disclaimer

This document is issued by OP Investment Management Limited ("OPIM"). This document, and the website of OPIM (www.opim.com.hk) has not been reviewed by the Securities and Futures Commission of Hong Kong. This document is solely for information purposes and is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of OPIM, any funds managed by OPIM, or any future funds to be launched under the Sunrise SPC Platform. Information herein is believed to be reliable at time of publication but OPIM does not warrant its completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person's reliance upon this information. Any opinion or estimate contained in this document may subject to change without notice. This document may not be published, circulated, reproduced or distributed without the prior written consent of OPIM.

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SOURCE OP Investment Management Ltd

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OPIM partners with Mingshi to launch its first quantitative A-share hedge fund offshore - Yahoo Finance

Spanish utility group Iberdrola wants to be the biggest player in the U.S. offshore wind market, but it will need togo through early market front-runnerrsted to get there.

Iberdrola, among the world's largest wind power generators, plans to steamroll its way through the coronavirus crisis, with CEO Ignacio Galn announcing plans this month toincreaseinvestmentin renewablesprojects and continue adding jobs as soon as the public health crisis is over. Up to a quarter of the10 billion ($11 billion) the company plans to invest this year will go toward offshore wind.

Iberdrola has long been a major player in U.S. renewablesand remains one of the country's largest owners of onshore wind farms through its controlling stake inAvangrid, a utility and renewables developer. The U.S. and Avangrid is now a central plank of Iberdrola's global offshore wind push, accounting for more than 60 percent of its 12-gigawatt global offshore pipeline.

Avangrid is joint owner of Vineyard Wind, whose 800-megawatt project for Massachusetts is likelyto become one of the first major U.S. offshore wind farms despite its ongoing permitting delaysaga. Vineyard is now expected to be finished in 2023; Iberdrola confirmsthere hasbeen no change in the project timeline despite the coronavirus shutdown.

We're in a very good position to be the leading player [in the U.S.],"Jonathan Cole, managing directorof Iberdrolas offshore wind business, told GTM. "We're going to be the first to build a large-scale offshore wind project in Vineyard I. That puts us in a strong position and allows us to just keep growing and growing beyond that.

Denmark'srsted, which is the world's leading offshore wind developer, holds a formidable position in the U.S., with interests in projects across five states totaling more than 8 gigawatts. By the middle of this decade,rsted could own more than 3 gigawatts of U.S. offshore wind, compared to 800 megawatts for Iberdrola if Vineyard successfully builds its first two projects in New England.

ButCole said Iberdrola's market position is unique, given its ownership of a U.S. utility and its vast experience building onshore projects. Avangrid has more than 3 million utility customers in New York and New England. As the decade progresses, Avangrid will look to bring as much as 2.5 gigawatts of capacity online in its Kitty Hawk lease area off North Carolina,whileopening up Vineyard Wind's second large zone in southern New England for construction.

The company is hiring dozens of new U.S. offshore wind employees as it scales up.Initially we've taken some very talented people from the onshore renewables business to help us...as well as assigning some very experienced offshore wind people from Europe, said Cole.

From that critical mass, our plan is to grow a substantial organization that has the capability to do the full lifecycle of an offshore wind project, from initial site finding through development, engineering, procurement, construction, and eventually operations and maintenance."

By the late 2020s, anotherdifferentiator may come into play: Iberdrola's concerted push into floating offshore wind.

rsted has saidlittle publicly about floating wind; the technology, which is still in its early stages of commercial development,barely features on rsted'swebsite or in its annual reports. In an earnings call last August,CEO Henrik Poulsen said rsted was monitoring the market so that "if there is an opportunity where we should act, we would be ready to do so. But for the time being, we are not actively pursuing any floating projects."

Iberdrola, on the other hand, recently revealed details of two demonstration projects in Norway and Spain,and the company looks set to move swiftly once its pilots have run their course. Creating an offshore wind market in its native Spain, where floating turbines will be necessary, gives Iberdrolaa strong motivation to pursue the technology. A growing number of other major European energy companies are actively pursuing floating wind, including EDPR, Shell, Total, Engie and Equinor.

In the context of a net-zero worldwhere we are trying to totally decarbonize the power sector, you need as many of these massive-scale, low-carbon generating facilities as possible and that means that probably you need to look further offshore and into deeper water, said Cole.

In the U.S., there is scope for floating wind off both coasts.

What you're looking for is an area where you've got deep water, good wind resources and high demand, which can drive up a lot of volumes and economies of scale," Cole said."That's how floating [wind] is going get the costs down and [become] cost-competitive with fixed [foundations] by the end of this decade. If you apply that concept to the market, you can see that there are near-term opportunities on the West Coast of the United States and in Asia.

Maine Governor Janet Millshas breathed new life into the 12-megawatt Aqua Ventus floating project off the state's coast, after years of delays and uncertainty. Despite Avangrid's presence in the Northeast,Iberdrola told GTM it would not be investing in Aqua Ventus at this stage, focusing instead on its two floating demos in Europe.

Meanwhile, a study last year by Energy + Environmental Economics (E3) found a case for 7 to 9 gigawatts of floating wind in California by 2040, potentially saving ratepayers $2 billion in the process.

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Iberdrola Plans to Take Top Spot in US Offshore Wind (and Keep It) - Greentech Media News

Nearly 10 years after the BP Deepwater Horizon oil catastrophe began in the Gulf of Mexico, a leading ocean conservation group warned Tuesday that the threat of another similar disaster looms large and that the fossil fuel industry and U.S. government have learned practically nothing from the world's worst ever such disaster.

Oceana's new publicationtitled "Hindsight 2020: Lessons We Cannot Ignore from the BP Disaster"provides a broad look at what led up to the "preventable tragedy," the ongoing ecological and economic consequences of the disaster, and how the spill failed to act as a wake-up call on the inherent dangers of offshore drilling.

"Offshore drilling is still as dirty and dangerous as it was 10 years ago," said Diane Hoskins, Oceana campaign director. "If anything, another disaster is more likely today as the oil industry drills deeper and farther offshore. Instead of learning lessons from the BP disaster, President Trump is proposing to radically expand offshore drilling, while dismantling the few protections put in place as a result of the catastrophic blowout."

By pulling together information from a number of sourcesincluding government documents, scientific studies, and interviews with Gulf Coast residents and policy expertsthe report conveys a chilling reality: It's not a question of another offshore oil spill happening, but simply when.

"What we found was disturbing," says the report.

While the date of the disasterApril 20, 2010is well in the rear view mirror, the consequences are not.

"Nobody was ready for this scale of pollution," Nova Southeastern University Professor Tracey Sutton told Oceana. "As far as we know, the actual impact of the spill is not over yet."

Among the impacts that are known are that as many as 800,000 birds died in the midst of and following the disaster. The oil gushing from the ocean floor also devastated bottlednose dolphinsover 75% of all dolphin pregnancies failed in the oiled area. The spill also ravaged frontline communities.

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"They failed our people," Clarice Friloux, who worked as outreach coordinator for the United Houma Nation during the spill recovery, told Oceana. "At one point, I remember thinking, 'Wow, this could kill off a whole generation of Native Americans living off the coast of Louisiana.'"

Contributing to the threat of another Deepwater Horizon-like spill is that the fossil fuel industry has pushed for riskier drillingfurther out and in deeper waters. Yet safety measures matching hose riskier moves have not been rolled out.

The Trump administration, meanwhile, has done nothing to dampen the industry's appetite for more drilling.

Instead of strengthening safety regulations, the industry and the Trump administration are dismantling the few protections put in place after the BP catastrophe. Without effective oversight and a more robust safety culture, another disaster at the level of Deepwater Horizon may be just as likely today as it was 10 years ago.

The report also points to weak approach taken by the Bureau of Safety and Environmental Enforcement (BSEE)a panel tasked with oversight of offshore drilling safety and was created in the year after Deepwater Horizon.

The only significant thing that happened was that BSEE did issue a regulation around blowout preventer devices," Cyn Sarthou, executive director of the New Orleans-based environmental policy organization Healthy Gulf, says in the report. "Under the new administration, they have rolled that back. Even that one regulation, which was very little ... has now been rolled back."

Simply put, the report states, "A decade later, the safety culture has not improved, and oversight of the industry remains deficient."

Oceana's report also points to Trump's move to greatly expand offshore drilling which further paved the path for another diaster. To prevent a similar tragedy, the new report outlines a number of recommendations and called on Congress and the White House to:

"When they drill, they spill," said Hoskins. "The BP disaster devastated the Gulf, and we cannot afford to repeat it. Protecting our environment has never been more important than it is today."

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10 Years After BP's Deepwater Horizon Offshore CatastropheWorst Spill in Historyand Nothing Learned, Says New Report - Common Dreams

Editors note: The KOIN 6 Weather team is presenting weather and science lessons to help serve our teachers and students as schools close across the nation amid the novel coronavirus response. Click here for more lessons, and click here for complete coverage.

PORTLAND, Ore. (KOIN) This next topic is near and dear to the Pacific Northwest and our response to the direction of the general wind flow. This lesson we are going to take a dive into onshore flow and offshore flow concepts and some of the related terms that come with it. The graphic below does most of the explaining, but there is definitely more to the process than meets the eye. We can begin with the basics:

Onshore Flow: When the wind is generally moving from west to east. That means it is coming from the direction of the ocean and moving east towards the land.

Offshore Flow: When the wind is moving from east to west. Coming from the interior sections of the state/states and moving towards the ocean.

WHY IS THIS IMPORTANT?

The direction of the wind can significantly alter our conditions in the Willamette Valley and across the state. With that onshore flow cranking, it can move what we call a marine layer into the valley where moisture moves in from the west and finds its way into the valley. This can create low clouds and precipitation for many.

If you live near the coast, you probably have experienced a sea breeze or land breeze. A sea breeze is when cool ocean air is drawing to the land because of high pressure over the ocean and low pressure over land. Youve guessed it, a land breeze is the exact opposite. While high pressure over land will direct the wind out towards the ocean where low pressure is in place.

SUMMER VS WINTER

What is unique about this process, is the time of the year and the season will also play a part in how we respond to the general flow.

For example, offshore flow in the winter can bring in cold and windy conditions for the Columbia River Gorge and areas of the Willamette Valley. Its that easterly wind that aids in bringing our temperatures down to support snow. Because most of the cold winter air is banked to the east in areas of the Columbia Basin and it takes an offshore flow to push that cold air our direction. Additionally, a strong onshore flow in the winter can spell heavy rain and mountain snow because of the moisture content that is being produced with the warmer Pacific ocean.

In the summer, that offshore flow will heat us up and dry out our local conditions. When we see a strong easterly wind during a summer month, we are usually bumping up our daytime high temperature and concerned for fire weather conditions. When we get the onshore flow during the summer, we sometimes talk about that being natures air conditioning. This is because during the summer the cooler air coming from the Pacific Ocean can help drop the temperatures significantly. Especially for those communities along the coast, where it may be 90 degrees in Portland, but only the upper 60s at Seaside.

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Ocean and land interaction: Onshore vs offshore flow - KOIN.com

Cemre Shipyard has launched the first of the three service operation vessels (SOVs) currently under construction for MHI Vestas and Esvagt at its yard in Turkey.

The vessels are of the Havyard 831 L SOV design and will service the Borssele III and IV offshore wind farm in the Netherlands, the Triton Knoll wind farm offshore England, and the Moray East wind farm off Scotland.

The Borssele III and IV SOV is scheduled for delivery in the third quarter of 2020 when it will start servicing the wind farms 77 MHI Vestas V164 9.5 MW turbines installed some 22 kilometres off the coast of the Zeeland Province.

The Triton Knoll SOV is slated for delivery in the first quarter of 2021 to start work on the wind farms 90 MHI Vestas 9.5 MW turbines some 33 kilometres off the coast of Lincolnshire.

The Moray East SOV is expected to be delivered in the first quarter of 2021. This wind farm will feature 100 MHI Vestas 9.5 MW turbines.

All three vessels are under 15-year charter contracts with MHI Vestas.

The 70.5-metre-long SOVs will be equipped with a compensated walk-to-work gangway and daughter craft, as well as multiple other features, and will have the capacity to accommodate up to 60 persons.

Read more:

MHI Vestas SOV Touches Water in Turkey - Video - Offshore WIND

4/15/2020

HOUSTON Weatherford International saved an operator 27.5 hours of deepwater rig time with an Integrated Completion Solution it developed to install downhole equipment in the Santos Basin, offshore Brazil.

A deepwater challenge is the ultimate equation of time equals money and Weatherford saved this operator more than 27 hours of rig time, said Brent Baumann, President, Completions and Production, Weatherford. RFID technology enabled Weatherfords Optibarrier, Optimax and OptiValve to seamlessly work together and successfully complete the job in one-fifth the time it would have taken using competitors equipment.

The RFID Optibarrier valve required 2.5 hours to fully open to access the formation. Compared to valves from Weatherford competitors, which can take 12 hours to open, the Weatherford valve saved at least 9.5 hours. A unique assembly process enabled the tubing hanger assembly to be rigged up and tested in the workshop, saving at least 6 hours of rig time. The OptiValve tubing isolation valve facilitated production tree installation without requiring slickline intervention, saving 12 hours of rig time.

Originally posted here:

Weatherford tallies three deepwater firsts offshore Brazil - WorldOil

Key Companies Covered are Archer Well Company, Borr Drilling, Odfjell Drilling, Pacific Drilling, Noble Drilling, Valaris plc, Transocean, Shelf Drilling, Maersk Drilling, KCA Deutag, COSL - China Oilfield Services Limited, Diamond Offshore Drilling, Inc., Saipem, Nabors Industries

PUNE, India, April 16, 2020 /PRNewswire/ -- The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights in its new report, titled "Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026". According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.

Offshore Drilling Market Analysis (USD Billion)

As per the report, the value of this market stood at USD 31.26 billion in 2018. Additionally, the report contains the following:

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.Please visit: https://www.fortunebusinessinsights.com/offshore-drilling-market-102636

Market Restraint

Devastating Environmental Impacts of Offshore Drilling to Dampen Prospects

The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution. For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.

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Regional Analysis

Asia-Pacific to Occupy Commanding Position; Middle East & Africa to Show Promising Growth

Asia-Pacific, which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves. The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent. European energy majors, namely Norway, UK, Germany, and Russia, are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.

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Competitive Landscape

Geographic Expansion to be the Central Focus of Key Players

The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.

Industry Developments:

List of Key Players Covered in the Offshore Drilling Market Report are:

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Detailed Table of Content

TOC Continued...!!!

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Have a Look at Related Research Insights:

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Artificial Lift System MarketSize, Share and Industry Analysis By Type (Electric Submersible Pump (ESP), Sucker Rod Pump (SRP), Progressive Cavity Pump (PCP), Gas Lift, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026

Oil Country Tubular Goods (OCTG) MarketSize, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026

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Offshore Drilling Market to Reach USD 56.97 Billion by 2026; Heavy Investment in Offshore E&P Activities by National Governments to Bolster Sales:...

TAS Offshore Berhad (KLSE:TAS) shareholders are no doubt pleased to see that the share price has bounced 41% in the last month alone, although it is still down 38% over the last quarter. But shareholders may not all be feeling jubilant, since the share price is still down 16% in the last year.

Assuming no other changes, a sharply higher share price makes a stock less attractive to potential buyers. In the long term, share prices tend to follow earnings per share, but in the short term prices bounce around in response to short term factors (which are not always obvious). The implication here is that deep value investors might steer clear when expectations of a company are too high. Perhaps the simplest way to get a read on investors expectations of a business is to look at its Price to Earnings Ratio (PE Ratio). A high P/E implies that investors have high expectations of what a company can achieve compared to a company with a low P/E ratio.

View our latest analysis for TAS Offshore Berhad

TAS Offshore Berhads P/E of 32.91 indicates some degree of optimism towards the stock. You can see in the image below that the average P/E (11.7) for companies in the machinery industry is lower than TAS Offshore Berhads P/E.

Its relatively high P/E ratio indicates that TAS Offshore Berhad shareholders think it will perform better than other companies in its industry classification. The market is optimistic about the future, but that doesnt guarantee future growth. So investors should always consider the P/E ratio alongside other factors, such as whether company directors have been buying shares.

Probably the most important factor in determining what P/E a company trades on is the earnings growth. Thats because companies that grow earnings per share quickly will rapidly increase the E in the equation. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. A lower P/E should indicate the stock is cheap relative to others and that may attract buyers.

TAS Offshore Berhad shrunk earnings per share by 46% over the last year. And over the longer term (5 years) earnings per share have decreased 44% annually. This growth rate might warrant a below average P/E ratio.

The Price in P/E reflects the market capitalization of the company. Thus, the metric does not reflect cash or debt held by the company. Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.

Such spending might be good or bad, overall, but the key point here is that you need to look at debt to understand the P/E ratio in context.

TAS Offshore Berhads net debt is 12% of its market cap. It would probably deserve a higher P/E ratio if it was net cash, since it would have more options for growth.

TAS Offshore Berhads P/E is 32.9 which is above average (12.4) in its market. With modest debt but no EPS growth in the last year, its fair to say the P/E implies some optimism about future earnings, from the market. What we know for sure is that investors have become much more excited about TAS Offshore Berhad recently, since they have pushed its P/E ratio from 23.3 to 32.9 over the last month. If you like to buy stocks that have recently impressed the market, then this one might be a candidate; but if you prefer to invest when there is blood in the streets, then you may feel the opportunity has passed.

Investors should be looking to buy stocks that the market is wrong about. People often underestimate remarkable growth so investors can make money when fast growth is not fully appreciated. We dont have analyst forecasts, but shareholders might want to examine this detailed historical graph of earnings, revenue and cash flow.

Of course, you might find a fantastic investment by looking at a few good candidates. So take a peek at this free list of companies with modest (or no) debt, trading on a P/E below 20.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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How Does TAS Offshore Berhads (KLSE:TAS) P/E Compare To Its Industry, After Its Big Share Price Gain? - Simply Wall St

As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was the worst is behind us.

However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact that would be felt throughout every corner of the global economy.

The coronavirus or Covid-19 swept through the world from the epicenter of Wuhan, first impacting surrounding Asian and Middle Eastern countries, quickly followed by Europe and the US.

The global economy was sent into a tailspin and as a result, the demand for oil plummeted. To add another twist, Saudi Arabia and Russia entered an aggressive oil price war and the price of the commodity fell sharply. In January 2020 Brent Crude was $63/bl and by 1st April it was c. $25/bl.

This article will discuss the regional impact of both COVID-19 and oil price decrease on key operating regions.AsiaAsia hasnt had an easy ride in the last 5 years, especially Singapore. The last thing Singaporean offshore players wanted or needed was a dramatic fall in oil prices.

The region was hit quickly by the oil price war and large companies such as Keppel, Sembcorp, Nam Chong and Mermaid, Marco Polo all saw their share price drop dramatically in a matter of days. Not good for a region still hurting from its past mistakes.

As discussed in last months article several early S.E. Asian adopters turned their attention to the growing windfarm industry in the region. This employment will be a welcomed relief now oil and gas contracts are under pressure. However, the vessels that have had contracts canceled, or are struggling to find new employment must go somewhere and renewables work will be on their radar.

Europe

European owners, especially the Norwegians, are feeling the effects of the current market. Even before the events unfolded over the last 2 months, they were under huge amounts of pressure and many in the industry questioned, one, how they had survived this long and two, not if, but when they would have to seek restructuring plans.

The recent oil price crash has made the decision for them and most have been forced to find a solution. For example, Solstad Offshore the largest Norwegian offshore player was earlier this month taken over by Banks and bondholders as a $946m debt deal was agreed. Solstad will also be trimming its fleet to 90 vessels by disposing of 37 ships either in the second hand or demolition market. Other players in the region also forced into action include Havilla, DOF, Siem Offshore, Vroon etc. Solstads total fleet value 16/04/2020 is USD 1.304B (excluding the companies' two pipelay vessels).

US

The US oil and gas majors have reacted quickly and aggressively to the economic situation, ExxonMobil, Chevron, HESS, ConocoPhillips, Philips 66 have all cut 2020 CAPEX to adjust to this new price environment. These cuts will have huge implications for vessel owners in the region, the US Gulf already suffers from an oversupply of tonnage and investment cuts will certainly tip the supply and demand scales further out of favor.

Hornbeck Offshore this month announced they are entering chapter 11 restructuring. Unlike many other publicly US-listed OSV owners Hornbeck had not gone down the Chapter 11 route and instead sought other alternatives with their lenders. However, continued challenging market conditions over the last year combined with Covid-19 and the drop in oil price proved too potent a combination.

Conclusion

The current global economic situation is showing no signs of improving and how far into the future the repercussions will be felt is still very much unknown. What we do know is that the offshore industry is retracting, and 2020 is going to be a very large stress test for the industry and its players. Just as we thought we had seen the last of the mergers, bankruptcies, forced sales, delistings and chapter 11s it looks as though more pain is on the horizon.

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The Year 2020 Will be a Large Stress Test for the Offshore Industry - Offshore Engineer