Barakah Offshore Petroleum is making further inroads into the Sarawak oil and gas (O&G) market with its unit, PBJV Group sealing a deal to work with Sarawak-based parties on projects in the state.
Malaysia is also getting up to speed on smaller scale LNG solutions, including LNG bunkering, with national oil company Petronas' unit Petronas LNG signing a two-year service agreement with Argo Engineering and Eastport Marine to provide ship-to-ship LNG transfer services in Labuan, local reports said.
Shin Yang Shipping Corp (SYS Corp) was hit by the continued weak shipping market seeing FY2017 net profit fall by a third to MYR5.3m ($1.25m) as revenue fell 8% to MYR 589.7m on lower revenue from the international shipping segment, with a 20% drop compared to the previous corresponding period.
The Kuala Lumpur High Court has ruled in favour of PDZ Holdings over writs filed by three creditors against the company over alleged non-payment of bunker fuel supplied to its vessel PDZ Mewah.
A jump in marine business revenue from the start of charter of the FPSO John Agyekum Kufuor (FPSO JAK) in June combined with the stronger US Dollar to lift Yinson Holdings' to a 38.5% rise in net profit for the FY18 second quarter ended 31 July to MYR83.6m ($19.8m) from MYR60.4m previously.