Tanjong Offshore eyes regional growth.

By Kamarul Yunus

Published: 2009/05/27

 

The integrated oil and gas service provider is racing to expand abroad, especially in India, Indonesia, Thailand and the Middle East, in a bid to become a regional force.

Tanjung Offshore Bhd (7228), an integrated oil and gas service provider, has bid for some 30 projects this year, says its managing director Omar Khalid.

"Almost 70 per cent of our bids are domestic projects and the remaining 30 per cent abroad, including in India and Australia, Omar told newsmen after the company's annual general meeting in Ampang, Selangor, yesterday.

Tanjung Offshore has an order book worth RM1.5 billion that should keep it busy until 2012.

Nevertheless, the company is racing to expand abroad, especially in India, Indonesia, Thailand and the Middle East, in a bid to transform itself into a regional force.
Omar said Tanjung Offshore has started making inroads in Thailand, providing well-testing servicesin the Gulf of Thailand, and is scouting elsewhere for more jobs. 

"We have been approached directly to bid for a tender in India ... and also been approached by several investors in the Middle East to form a partnership and joint venture in the region," said Omar.

With this in mind, Tanjung Offshore has allocated some RM250 million to expand its fleet size, with construction of five new vessels, due to be delivered between the next six and ten months.

As such, Omar said the company anticipates to perform better than in its financial year ended December 31 2008.

For 2008, Tanjung Offshore registered revenue of RM574.3 million against RM422.9 million in the previous year, while its net profit rose to RM31.5 million last year from RM23.2 million in the previous year.