Potential seen for Malaysia's offshore fabrication projects

Kuala Lumpur: Malaysia's exploration and production (E&P) development and new discoveries are expected to trigger more offshore fabrication projects, according to Malaysia Marine and Heavy Engineering (MMHE).

MMHE, a provider of marine and heavy engineering services to the oil and gas sector, believed there are ample business opportunities to be pursued in fabrication projects when discoveries move into the development phases.

“The domestic E&P development and enhanced oil recovery initiatives are still buoyant, with a number of new discoveries being announced in the past one year,” the company said.

“We expect all our offshore projects to perform within expectations and our marine business to remain competitive, notwithstanding the challenging environment of the shipping market,” it added.

The Kuala Lumpur-listed company posted full year net profit of MYR242m ($77.8m) in 2012, down 27.6% compared to the previous year. However revenue rose 8.8% year-on-year to MYR3.33bn.

Posted 21 February 2013

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Lee Hong Liang

Asia Correspondent

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