Malaysia's Tanjung Offshore Diversifies into Education, Training
Tanjung Offshore Berhad, a Malaysian offshore oil and gas services provider, entered Monday into a Memorandum of Understanding with two experts in education, Arnez Desmond George Fernandez and Imran Asif Bin Abdul Rahim, to jointly explore business opportunities and collaboration in education and training development through a joint venture company Hills Education Group Sdn Bhd (HEG), the firm said in a filing with local stock exchange Bursa Malaysia.
"This joint venture marks a very exciting time for Tanjung Offshore ... We are making good on our promise to diversify and this education initiative will lead Tanjung Offshore to new, profitable areas to expand our portfolio that will see better returns to shareholders and employees," CEO Rahmandin Md Shamsudin said, as quoted Monday in local daily The Star.
Tanjung Offshore is diversifying from its core petroleum services business due to the prolonged slump in global oil prices, which has led many firms worldwide to seek alternative revenue streams to ride out the downturn. The company incurred net loss of $1.14 million (MYR 4.69 million) in first quarter 2016 (1Q 2016), compared to a net loss of $480,000 (MYR 1.97 million) in 1Q 2015.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- USA Commercial Crude Oil Inventories Increase
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call