MIRA
INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SAFWAN PETROLEUM TECHNOLOGIES CO. WLL |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
08.05.2001 |
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Com. Reg. No.: |
84517 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and Distributors of Oil Field Equipment. |
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 : |
KD 400,000 |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2010
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SAFWAN PETROLEUM
TECHNOLOGIES CO. WLL
Company ADDRESS
Building : Al
Area : Al Fintas, Egaila Area
P.O. Box : 9231, Ahmadi 61003
Town :
Country :
Telephone : (965) 2382 4113 / 2382 4114 ext. 3047 (Jean Tom) / ext. 3017 (Mohammed Jihad) / ext. 3009 (Imran Ali)
Fax : (965) 2398 1457
E-Mail : business@spetco.com / info@spetco.com / cpaul@spetco.com
/ aabraham@spetco.com / jtom@spetco.com
Website : www.spetco.com
Shortform Name : SPETCO / Safwan
Also known as : Safwan Petroleum Technologies Company
SENIOR COMPANY PERSONNEL
Name Position
1. Nabeel Hani Jameel Al
Qaddoumi President
2. Saad Hani Jameel Al
Qaddoumi Vice President
3. Ghazi Jameel Al Qaddoumi Director
4. Abdullah Abdullatif Al
Wazzan Director
5. Wassim Faris Assad Chief Operating Officer (COO)
6. Jean Tom Group Financial
Manager
7. Mohammed Jihad Chief
Accountant
8. Anish Abraham Sales Manager
9. Mohammed Hamed Abdulshah Public
Relations Manager
10. Imran Ali
Human
Resources Coordinator
Total Employees : 420
PAYMENTS
No complaints have been heard regarding payments from local suppliers or
banks.
Safwan Petroleum Technologies Co. WLL, a total solutions provider is a
leading local company specializing in the provision of high-tech oil and gas services including all forms of
artificial lifts, well production testing services, oil and gas production
facilities, well completion systems etc to Kuwait Oil Company (K.O.C.) and
joint operations (S.A.T. & K.G.O.C.). SPETCO specializes in handling of
lease contracts for production systems, and production facilities servicing the
oil & gas industry.
We consider it is acceptable to deal with subject for LARGE amounts.
however in view of the lack of current financial information we
recommend international suppliers exercise a degree of caution.
Opinion on maximum credit : KD 400,000 (higher amounts may be considered
with full fiscal disclosure)
Trade risk assessment :
Opinion on the credit figure of US DLRS 150,000 :
We consider the above figure to be within the company's financial
capabilities.
SIGNIFICANT CHANGES
NAPESCO to acquire SPETCO
Safwan Petroleum Technologies Company WLL is a Limited Liability
Company with the following shareholders : Saad Hanni Qaddumi and
Nabil Hani Qaddumi.
In October 2007 it had been reported that
Services (NAPESCO), had signed a memorandum of understanding with
Safwan Petroleum Technologies Company WLL (SPETCO) to acquire all
shares from Safwan's existing shareholders.
However, sources at SPETCO confirmed that both parties did not reach
an agreement and the acquisition did not take place.
PRINCIPAL BANKERS
NAME : Commercial Bank of
Branch :
P.O. Box : 2861
Town : Safat 13029
Telephone : (965) 2241 1001
Fax : (965) 2245 0150
The Company also has an account with the following banks :
1. National Bank of
Safat 13001
Telephone : (965) 2242 2011
Fax :
(965) 2246 4156
2. Burgan Bank SAE
Safat 13054
Telephone : (965) 2243 9000
Fax :
(965) 2246 1148
3. HSBC Bank
Safat 13017
Telephone : (965) 2223 0722
Fax :
(965) 2223 0733
4. Gulf Bank
Safat 13032
Telephone : (965) 2244 9501
Fax :
(965) 2244 5212
FINANCIAL INFORMATION
Private companies in
The following financial information is the latest available on the
subject in our file :
Sales Turnover : KD
22,000,000 - 2008 - exact
Net Profit : not given
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 8 May 2001
History : The subject company
was incorporated in
C.R. No. : 84517
KCCI Membership No. : 70305 (expiry date: 19 June 2012)
Authorised Capital : KD 10,000,000 (increased from KD 250,000)
Paid up Capital : KD 10,000,000 (increased from KD 250,000)
Limited Liability Company with the following shareholders :
Percentage
1. Saad Hani Jameel Al Qaddoumi 50%
(Kuwaiti national)
2. Nabeel Hani Jameel Al Qaddoumi 50%
(Kuwaiti national)
Affiliated companies of Safwan Petroleum Technologies Co. WLL:
Associates
1. Safwan Trading and Contracting
Street No. 67, near
Parcel 101, Block D, 3rd
Industrial Area, Shuwaikh
Safat 13068
Telephone: (965) 2481 1606 / 2481 6528 / 2481 6679
Fax :
(965) 2484 8916 / 2483 2454
C.R. No. : 80262
KCCI Membership No.: 1404
2. Safwan Petroleum Technologies International FZCO
M-37, Mussafah Industrial Area
Telephone: (971 2) 676 8684
Fax : (971 2) 676 6242
Email : akharboutly@safwangroup.com
ACTIVITIES
The Company is involved in the following activities :
Importers and distributors of oil field equipment.
SPETCO is organized into six major divisions :
- Artificial Lifts
- Well Testing and Diagnostic Services
- PVT Lab Services
- Oil & Gas Supplies and Services
- Tubular Lining & Repair
- Oil & Gas Production Facilities
Subject’s expertise includes :
WELL PRODUCTION TESTING SERVICES
- Production GOR Testing & Exploratory Testing
- Three Phase Test Separator Units
- Multiphase Metering Units
SOUR CRUDE & GAS PROCESSING
- Early Production Facilities for Extended Testing
- Amine Treating Units
- Crude Stabilization Units
- Gas Compression Packages
ARTIFICIAL LIFT EQUIPMENT & SERVICES
- Submersible Pumping Systems
- Sucker Rod Pumping Systems
- Beam Gas Compressors
- Progressing Cavity Pumping
HEAVY OIL PROCESSING (CHOPS)
MISCELLANEOUS SERVICES
- Chemical Injection Systems
- Field Maintenance Services
WELLHEAD, WELL COMPLETION AND TUBULAR SERVICES
- EFT Wellhead Systems
- Corrosion Mitigation
- Lined Downhole Tubular Completion Services
- Tubular Cleaning, Inspection & Repair Services
- Supervision of Wireline Intervention jobs involving special
applications
WELL DIAGNOSTIC SERVICES
- Fluid Level Analysis
- Dynamometer Services
- Pressure Transient Surveys
PVT LAB SERVICES
- Bottom Hole Sampling
- Surface Sampling
- PVT Analysis
- Water Analysis
- Trace Elements Analysis
NACE Code: 0910
Imports from Europe and
Subject does not export, all sales are domestic.
Completed Project :
5-YEAR BO CONTRACT WAS AWARDED TO SAFWAN PETROLEUM TECHNOLOGIES COMPANY.
KOC - Early Production Facilities (EPF - Phase 1)
Project Value: US DLRS 239,000,000
Owner : Kuwait Oil Company
Location : Al Abdali, Al Jahraa,
Sabriyah Oil
fields, Al Jahraa,
Capacity : 35 million cu.ft/d of gas
In 2005, Kuwait Oil Company plans to construct early production
facilities in
The project aims at increasing production by processing sour crude then
blending it with the sweet crude produced from its north, south and southeast
oil fields.
The project is part of KOC’s overall plan to increase production to 4
million bpd by 2030.
It is the first commercial heavy sour crude oil production project of
KOC, which is aimed at processing 50,000 bpd in the initial stages from 20
wells in the two northern oil fields of Rawdhatain and Sabriyah.
Scope of Work
Works include design, supply and installation of:
- Produced water treatment
- Effluent water disposal system
- Gas compression
- Amine treating and sweetening plant
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- Utilities and fire-fighting systems
- Facilities for the transportation of sulphur to KNPC storage
facilities
In June 2005, the ITB for the BO contract was issued.
In September 2005, bidders submitted their proposals for the BO
contract.
In February 2006, the 5-year BO contract was awarded to Safwan Petroleum
Technologies Company.
In 2006, the EPC contract was awarded to Interstate Treating.
In August 2010, construction of the facilities was in its final stages.
In September 2010, commissioning of the facilities started.
In October 2010, commissioning of the facilities was completed marking
the completion of the project.
Agencies held :
Submersible Pumping Systems (Schlumberger REDA), Sucker Rod Pumping
Units (Lufkin Industries, Inc.), Subsurface Sucker Rod Pumps
(Harbison Fischer), Progressive Cavity Pumps (Moyno), Interstate
Treating Inc. USA (Oil and gas processing system and EPF facilities).
SPETCO is an agent for the following companies :
Lufkin Products Inc.
Manufacturers of Well Automation products and Oil Well Rod Pumping
Systems.
Schlumberger WCP
Manufacturers of water / oil well Electric Submersible Pumping
systems, Horizontal Pumping Systems.
Cable, transformers,
switchboards.
Interstate Treat Inc.
Manufacturers of Early Production Facilities for Oil and Gas
Processing.
Voest Alpine GmbH
Manufacturers of Oil Country Tubulars and Seamless Steel Pipes.
Rice Engineering Corporation
Manufacturer of Duoline internal lining systems for downhole tubular
corrosion prevention.
Stream Flo Industries Ltd.
Manufacturers of Wellheads and Gate Valves.
UPCO Inc.
Manufacturers of Sucker Rods and Other Accessories for Rod Pumping
Systems.
Moyno Oilfield Products
Manufacturers of PCP Pumps.
Motor Controls Incorporated
Manufacturers of Control Panels.
BIW Connector Systems L.L.C
Manufacturers of Electric Feed Through Connectors for Wellheads.
Harbison Fischer
Manufacturers of Sub-surface Pumps, Sucker Rods, Polished Rods and
Fittings.
Garlock Sealing Technologies
Manufacturer of oil seals, gaskets, packings, joints, mechanical
seals.
Pressure Control Engineering Ltd
Manufacturers of ESP By-pass Systems and Wireless Tools.
Saw Pipes USA, Inc.
Manufacturers of Longitudinal Welded Double Submerged Arc Welding
Pipes.
Principal clients include :
Arabian Texaco Inc.
Projects :
-SPETCO has set up the first privately owned and operated Early
Production Facility (EPF) in
on a lease basis, in the
treating and sweetening the production from a new light oil discovery
in
This discovery of 46 API gas condensate reservoir with a FWHP of
about 6000 psig, almost 0% water cut and a GOR of close to 4000 had a
high H2S concentration of 10,000 ppm, which could not be handled by
the existing facilities. Thus the EPF was designed and set up by
Safwan with a capability to treat 20 mmscfd of Gas having 10000 ppm
of H2S to less than 1 ppm in the sweetened gas and 6000 BPD of
condensate to less than 10 ppm H2S in the export. This Facility was
designed and set up in a short span of eight months and commissioned
on 10th February 2004. The Facility has been operational since then,
without any down time or compromise of the EHS standards, fulfilling
the quantity and quality requirements of the client.
-SPETCO has commenced a lease contract with Kuwait Oil Company (KOC)
to install seventy Submersible Pumping Systems (REDA) and produce
these wells for five years with an optional one year extension.
-In February 2006 SPETCO was awarded a KD 69.3 million five years
build- operate early production facilities (EPF) contract, the client
is Kuwait Oil Company KOC.
- In 2005 SPETCO signed another 3 year Contract with KOC Drilling
Services to Supply, Service and Maintain API and GRE/FRP lined oil
country tubulars, ranging from 5
to 7.
SPETCO has numerous ongoing projects with joint operations of Saudia
Arabian Texaco (SAT), that includes Fluid Level Survey, Dynamometer
Measurement, Data Acquisition, Well Analysis including System
Performance and Optimization. SPETCO has also installed
Pumping Units for SAT and is in process of installing 70
Pumping Units for SAT.
SPETCO has ISO 9001 accreditation.
FACILITIES
The Company has the following facilities :
Premises comprising administrative offices and storage facilities
located at the heading address, as well as 2 branches elsewhere (see
"Branch Offices" section).
Subject was formerly located at Street No. 67, near Wholesale
Vegetable
Subject formerly used P.O. Box: 20704
BRANCH OFFICES
1.
Parcel # 99, Block – D,
Mezzanine Floor
Ahmadi
Telephone: (965) 2398 1283 /
2398 1296 / 2398 1938
Fax : (965) 2398 1457
2. Anwar Al Sabah Building
4th Floor, Block 2B,
Telephone: (965) 2247 3015 / 2247 3016 / 2247
3017
Fax : (965) 2247 3012
3. Wara Yard
KOC Industrial Area, Behind KOC
Scrap Yard
Telephone: (965) 2398 8947 /
2398 8957
SPECIAL NOTE
The telephone number which you provided: 00965-23981283 applies to
subject’s branch office. Please note that subject's correct administrative
office telephone numbers are as per heading.
Interviewed: Imran Ali (Human Resources Coordinator)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.59 |
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1 |
Rs.71.62 |
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Euro |
1 |
Rs.62.78 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.