New THHE boss seen taking firm in new direction

THHE said that Suhaimi, who has extensive experience in turnaround management, fund-raising and corporate restructuring, will assist in taking the company on a fresh course in the low-for-long crude price environment.

“Suhaimi’s extensive experience in the oil and gas industry and finance and banking will help THHE focus on the right business strategies to shape the company into a robust entity with a balanced portfolio of oil and gas and non-oil and gas businesses,” THHE said in a statement.

A chartered accountant, Suhaimi has been a key member of the THHE leadership team since December 2013.

He has over eight years experience in the oil and gas industry, having been one of the founding directors of Petra Energy, consultant and also the cfo of THHE for the past two years, the company said. 

“He has extensive experience in turnaround management, fund-raising and corporate restructuring supported by over 30 years’ experience in banking, financial management, accounting, strategic planning, corporate finance and M&A business strategy and implementation,” THHE added.

Commenting on his appointment, Suhaimi said that while his appointment came during a period when the company is facing some very challenging times, it is an opportunity to improve it going forward. “As a ceo my priorities are to set THHE on a new path by securing new business opportunities that are not bound by the vacillating crude price environment, and by aggressively pursuing cost optimisation.

My focus will be to give the company a balanced mixture of oil and gas and non-oil and gas businesses,” he added.

In terms of oil and gas projects, Suhaimi said that THHE would be aggressively seeking business opportunities by way of strategic partnerships beyond the shores of Malaysian in the Asean countries and elsewhere to replenish its order book.

“With eight licensed fabricators throughout Malaysia, the competition is intense and in a low crude price environment such as the last two years the competition has become deadly for some. There are far too many fabricators chasing far too few projects," Suhaimi noted.