Chairman and managing director Lim Han Weng was quoted as saying MYR235m would be used for working capital, including bidding for new contracts, while MYR237m would be utilised to reduce gearing.
He said the company would continue to focus on Africa and Asean countries for the company’s long-term growth prospects in oil and gas (O&G)-related services.
“O&G exploration and production activities will create demand for the FPSO units there,’’ Lim said. He added that Gabon and Nigeria in Africa, and Malaysia and Vietnam in this region offered good growth prospects for O&G downstream and upstream activities. Lim said competition within the African market was intense, with a number of international and domestic firms in the industry.
He noted that Nigeria, Angola and Gabon held the largest proven oil reserves which include gas condensate, natural gas liquids and crude oil.
Executive director Lim Chern Yuan said that the company planned to bid for between four and five FPSO and floating storage off-loading projects worth between $200m and $2bn. “Apart from Malaysia and Vietnam, we are also looking at Indonesia and Myanmar,” he said. With 10 jobs in the world yearly for the six FPSO and FPO providers, Chern Yuan said the pie was large enough to be shared by all.
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