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Scomi Energy wins $35m worth of regional contracts

Scomi Energy wins $35m worth of regional contracts
Malaysia's Scomi Energy Services has secured contracts worth more than MYR140m ($35.4m) in the last four months from within the region, the company said in an announcement.

The contracts, secured through its marine services unit, are for the transportation of coal and provision of offshore vessel services to clients in Indonesia, Malaysia and Thailand.

“Our target market will remain the Southeast Asian region with Malaysia and Indonesia as the key locations for our coal logistics operation," Scomi Energy’s president, marine services, Mukhnizam Mahmud said.

He said demand for coal from Malaysian coal-powered power plants is expected to increase over the next few years, in line with the projected increase in total electricity generated for the country.

“We plan to continue bidding for more affreightment contracts to maximise the utilisation rates of our vessels as the region still presents good opportunities for the business,” he said.

Meanwhile, Scomi Energy's offshore services unit, which provides vessel services to the oil and gas industry, is actively bidding for work in India, Myanmar, Indonesia, Malaysia and the Middle East.

Mukhnizam noted that the group was benefitting from the strengthening US dollar as 95% of its revenue was in the currency, compared to the highly depressed ringgit currently.

TAGS: Offshore coal