Chairman Datuk Hamzah Bakar said the company will enhance its deep-water capabilities through investments in strategic deep-water-capable assets and by expanding into new market across the region.
“We aim to double our overseas revenue contribution within the next two years,” Hamzah said at the company’s annual general meeting yesterday.
He said SapuraCrest expects a fruitful year ahead as it already has an order book of over RM2 billion and is bidding for another RM3 billion worth of projects in the region.
SapuraCrest’s regional expansion strategy called for the company to grow its overseas revenue from the current 15 per cent to 30 per cent of its total revenue. SapuraCrest is confident of achieving its target as it expects higher levels of activity from our operations in Indonesia, Australia, India, Brunei and Thailand. The company will also continue to identify potential growth opportunities, which may include projects in China and New Zealand. SapuraCrest has already secured projects in Myanmar, Thailand, India, Australia, Nigeria and Iran.
Hamzah said SapuraCrest is aware that to become competitive in the international arena, it is crucial to continue investing in technology. The company said it will continue to explore niche market opportunities and develop expertise in the installation of pipelines and facilities (IPF), deep-water and offshore drilling segments. SapuraCrest recorded revenue of RM1.8 billion in its financial year ending January 31 2006, a 73.3 per cent increase from the previous year results.
The significantly higher performance was attributable to a marked increase in the activities of the IPF and offshore drilling divisions as well as contributions from the marine services business. This increase was mainly mainly to the group’s ongoing efforts to consolidate various business lines while enhancing operational productivity and efficiency to support its performance.
By Malcolm Rosario
WEDNESDAY, JULY 12, 2006