Time & date: 10 am, 23 Jan 2014.
Venue: Technics Oil & Gas,
72, Loyang Way.
NO QUESTIONS were raised during the AGM but a shareholder complimented the Chairman for the comprehensive (and optimistic) content in the annual report, as well as the transformation of Technics' business model in FY2013.
He also expressed the hope that the latter would lead to a better return for shareholders (hint: resume paying dividends).
After the event, some shareholders went up to Robin Ting, the executive chairman, for a chat.
The most interesting topic was the jetty that lay just beyond the fabrication plant which was visible from the window where we stood around Mr Ting.
While the jetty and quayside have been completed, there is still dredging work going on at sea to increase the depth of the water for vessels to dock at the jetty.
In the next few months, work is expected to be completed and the total cost to set up the jetty facilities would have amounted to about S$20 million.
There is big multi-million-dollar business for Technics to capture.
Technics' jetty facilities will be used to serve offshore vessels by supplying fresh water, food inventory, fuel and lubricant, removal of waste and loading of equipment.
In the Loyang area, there is high demand for such services and Technics's jetty facilities will become an alternative to those of a MNC incumbent which has been operating at full capacity.
In fact, demand has exceeded supply.
Another development we noted at Technics is the impending completion of gas compression systems at its plant.
When delivered to oil majors, the equipment will start to generate recurring income from the leasing of the equipment.
Since May 2013, Technics has secured S$35.9 million worth of contracts for the lease of equipment such as diving equipment systems and gas compression engine driven packages.
A third development is the construction of a new building block at Technics' existing grounds in Loyang Way for sublet to operators in the marine and offshore oil and gas industries.
Aside from being a new revenue stream, the sub-letting will enable Technics to foster closer working relationships with the operators and create business potential for one another.
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