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Malaysia Shipyard and Engineering Sdn Bhd (MSE), one of the largest ship
building and repair facilities in the region, is expected to focus and
expand its heavy marine engineering business by taking advantage of the
synergistic benefit arising from its ultimate ownership by Petronas.
This follows the move by Malaysia International Shipping Corporation Bhd (in
which Petronas has a majority stake) acquiring an additional 22 per cent in
MSE Holdings Sdn Bhd, the holding company of the Pasir Gudang-based
shipyard.
MISC, which now has 65 per cent stake in MSE, has stated that it would
reposition MSE as its heavy engineering arm focused on supporting both
upstream oil and gas projects and downstream repair and maintenance projects
in addition to traditional businesses of ship repairing, conversions and
ship maintenance.
Recent success of MSE in marine engineering include the successfully
delivery of 13 oil and gas engineering projects and repaired 105 ships
valued at over RM680 million in the 2003/2004 financial period.
MSE also delivered two major floating production, storage and offloading (FPSO/FSO)
conversion projects with a combined value of around RM240 million.
The delivery of the conversion projects marked the success of pooling
resources and expertise from MSE's ship repair, shipbuilding and engineering
divisions to undertake more sophisticated projects.
In line with this development MSE will be on enhancing its competitive edge
through higher productivity and technical capabilities in the current
financial period.
MSE plans to aggressively undertake high value-added repair activities such
as LNG carrier repairs and dry-docking and build up its project management
capabilities for FPSO/FSO conversion especially for larger and more
sophisticated deepwater projects.
MSE marked another milestone with the delivery of its first FPSO facility to
Murphy Sarawak Oil Company Ltd during the current financial period.
MT Bunga Kertas was one of MISC's older petroleum tankers, which was
converted into an FPSO facility.
FPSO Bunga Kertas is being deployed in Malaysian waters and begin to serve a
fifteen-year charter with Petronas.
The successful completion and deployment of FPSO Bung Kertas offers MISC the
opportunity to utilise its older petroleum tankers, which could be converted
into FPSO/FSO facilities, thereby extending their useful life.
It also offers synergistic opportunity within the group as most of the
engineering and conversion work could be performed by MSE.
MISC is currently studying opportunities to enhance its presence in the
Asian FPSO/FSO market by offering floating oil and gas terminal solutions
for deepwater field development.
To support the offshore business development initiative, MISC will focus on
strengthening the required technical and commercial capabilities.
The company has also identified a leading global FPSO/FSO player to be the
partner in future business endeavors.
With the relevant critical experience and capabilities in place, MISC aims
to be a major player in the Asian FPSO/FSO market within the next five
years. |
