Scomi Bags $35.6M Deals, Including Provision of Offshore Vessel Services
Scomi Energy Services Bhd (SESB), a Malaysia-listed oilfield services and marine services company, reported Monday that its Marine Services division has secured contracts, worth more than $35.6 million (MYR 140 million), in the last four months for the provision of offshore vessel services and transportation of coal to clients in Indonesia, Malaysia and Thailand.
Its offshore services unit, which provides vessel services to the oil and gas industry, is actively bidding for work in India, Myanmar, Indonesia, Malaysia and the Middle East. Scomi believes that the strategy of expanding its geographic footprint is necessary amidst the current weakened demand.
“We will continue to submit bids for both the offshore services and coal logistics contracts while we take measures to rationalize our business. With a lean and efficient operations structure in place, we are optimistic of our chances despite stiff competition. As a Malaysian-based company, we are benefitting from the strengthening U.S. dollar as 95 percent of our revenue is in that currency,” SESB's President -- Marine Services Mukhnizam Mahmud said in the press release.
The company's core businesses have a combined order book of over $1.7 billion.
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