MIRA
INFORM REPORT
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Report Date : |
20th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
OPS - SERVICOS DE
PRODUCAO DE PETROLEOS LDA |
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Registered Office : |
Rua Comandante Kwenha
157/159, Luanda, Angola |
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Country : |
Angola |
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Date of Incorporation : |
20.10.2003 |
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Com. Reg. No.: |
34316 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Provision
of services to oil companies in the offshore sector. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
KWANZA
35,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
OPS - SERVICOS DE
PRODUCAO DE PETROLEOS LDA
ADDRESS
Street : Rua Comandante Kwenha 157/159
Town : Luanda
Country : Angola
Telephone :
(244 222) 371 969 / 330 280 / 333 159 (ext: 3805) / (244912) 340 288
(mobile)
Fax : (244 222) 394 447
E-Mail : franklin.fragione@single.buoy.com
SENIOR COMPANY PERSONNEL
Name Position
1. Mike Hudson Managing Director
2. Franklin Fragione Financial
Director
3. Gerard Visser Operations
Manager
Total Employees : 340
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for LARGE amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Angolan importers.
Opinion on maximum credit
: KWANZA 35,000,000
Trade risk assessment : Normal
Opinion on the credit
figure of RANDS 200,000 / 30d ays :
We consider the above
figure to be within the company's financial capabilities.
PRINCIPAL BANKERS
NAME :
BANCO AFRICANO DE INVESTIMENTOS SARL (BAI)
Branch :
Rua Major Kanhangulo 34
Town :
Luanda
Telephone : (244 222) 336 569
Fax :
(244 222) 335 486
The company also has an
account with the following bank:
Banco de Fomento de
Angola (Formerly Banco de Fomento Exterior)
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover :
US DLRS 23,336,000 - 2004 - exact
:
US DLRS 35,878,000 - 2005 - exact
: US DLRS 65,809,000 - 2006 - exact
Net Profit :
US DLRS 1,550,000 - 2004 - exact
: US DLRS
1,812,000 - 2005 - exact
Financial year ends 31
December.
LEGAL STATUS AND HISTORY
Date Started : 20 October 2003
C.R. No. : 34316
Capital : not given
Companhia
Limitada (limited liability company) with the following sole shareholder :
SonaSing
Ltd 100%
(Bermuda
registered company with operational address as per heading in Angola)
SonaSing
is a joint venture between the following companies :
1. SBM Single Buoy
Moorings Holding Inc (SBM Holding Inc)
5, route de Fribourg
P.O. Box 152
CH - 1723 Marly
Switzerland
Tel :
(41 26) 439 9920
Fax :
(41 26) 439 9939
Established on 12 October 1973
Commercial Registration Number : CH - 217 -0131265-2
Wholly owned by :
SBM Offshore N.V.
Karel Doormanweg 66,
3115 JD Schiedam
The Netherlands
Established 21 October 1966
Commercial Registration Number :
24233482
2. Sonangol Sociedade
Nacional de Combustiveis de Angola UEE
Avenida 1o Congreso MPLA - PT 8-16
P.O. Box
1316 / 1318
Luanda
Angola
Tel : (244 222) 636 997 / 632 156 / 632 158
Fax : (244 222) 391 782
The SBM group of
companies is a world leader in the design, fabrication, installation and
servicing on a supply or lease/operate basis of loading and offloading mooring
terminals, as well as tanker-based floating production and storage (FPSOs/FSOs)
systems, for the offshore oil and gas industry.
The SBM group is divided
into four mainstream entities :
SBM Offshore Systems
SBM Production
Contractors
SBM Services
SBM Imodco, Houston Texas
USA (100% subsidiary)
The
Sociedade Nacional de Combustiveis de Angola UEE or Sonangol was created in
1976 as the national oil company of Angola. It is 100% owned by the State and
serves as the business arm of the Angolan Government, being responsible for
co-ordinating and controlling all petroleum activities. The enactment of the
Petroleum Law (Law 13 of 1978) made Sonangol the sole concessionaire for oil
exploration and production in the country. In this role it has made Angola the
second largest Sub-Saharan crude oil producer since the mid- 1980s, having
increased output from 150,000 barrels per day (b/d) in 1983 to just over 750,000 b/d currently. The main
businesses of Sonangol are oil exploration and production, petroleum product
supply to the domestic market, petroleum product and crude oil external
marketing, and an airline industry to support the petroleum operations.
Sonangol
has joint venture operations in Angola with the following international oil
companies : Chevron, Texaco, Ajoco - Angolan-
Japanese Oil Company, Elf, Agip, Braspetro, Exxon Exploration Co,OIEP Co, USA,
Global Marine Drilling Co, Unocal, Apache International Inc, Shell Exploration
Angola and Amoco.
Affiliated companies of OPS - Servicos De Producao De
Petroleos Lda :
Associates
1. Sonasing Kuito Lda
Kuito
Angola
2. Somasing Xikomba Lda
Xikomba
Angola
ACTIVITIES
The Company is involved
in the following activities :
Provision of services to
oil companies in the offshore sector.
Subject is currently involved
in a project with Cabinda Gulf Oil Company Ltd, a subsidiary of Exxon
Corporation.
Cabinda
Gulf Oil Company Ltd signed a contract with Somasing for an eight year lease
time charter of a Sanha Liquefied Petroleum Gas (LPG) Floating Production
Storage and Offloading system (FPSO). The unit owned by Sonasing and finished
in early 2005 consists of the largest LPG hull ever built, with 135,000 m3
storage capacity for liquefied petroleum gas. The mixed LPG gas will be
received from two LPG production platforms in Block O, and it will be
fractionated onboard the vessel to separate butane and propane products. Each
product stream will then be chilled for storage in the Sanha LPG FPSO
atmospheric pressure storage tanks and periodically transferred to LPG export
tankers for shipment and sale. The plant will have the capability to process,
store and export 6,000 m3 per day of incoming pressurised LPG. Sanha FPSO will
be the first floating production facility built to combine all processing and
export functions onboard the same unit. Since the second half of 2001,
SBM-IMODCO Inc., another wholly owned subsidiary ofIHC Caland, has been working
together with ChevronTexaco on a Front EndEngineering Design (FEED) study
(Phase 2A) for a revamp of the process facilities on board the existing Kuito
FPSO which is producing under a lease and operate contract between Cabinda Gulf
Oil Company Ltd., as operator of Block 14, offshore Angola and Sonasing.
Imports
equipment from South Africa.
FACILITIES
The Company has the following
facilities :
Administrative offices
and storage facilities located at the heading address as well as a branch at
Rua Joaquim Kapango, Luanda
Tel : (244 222) 371 596,
Fax : (244 222) 371 418.
REGISTERED OFFICE
OPS - Servicos de
Producao de Petroleos Lda CAnons's Court
22 Victoria St.
Hamilton HM 12
Bermuda
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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