MMC O&G Engineering to expand overseas business

by **Cals** Fri 28 Mar 2014, 19:15

Business & Markets 2014

Written by Bernama

Friday, 28 March 2014 16:02

KUALA LUMPUR (Mar 28): MMC Oil and Gas Engineering Sdn Bhd is looking to expand its overseas business to boost annual revenue to RM300 million by 2018.

Last year, revenue of the oil and gas (O&G) engineering services arm of MMC Corporation Bhd (MMC Corp), stood at RM110 million.

CEO Ir Noorul Khairi Mohd Nor said at present, overseas business contributed 30 per cent to MMC Oil and Gas Engineering's total revenue.

"The company is looking to increase this contribution to 50 per cent.

"We are targeting to expand our business to Oman, Vietnam, Myanmar, Libya, Iraq and Brunei," he told reporters on the sidelines of the Offshore Technology Conference Asia 2014 (OTCA 2014) here today.

The company is also looking at the possibility of acquiring a small O&G player next year as part of its strategy to expand capabilities towards meeting the revenue target and making the company a substantial revenue contributor to MMC Corp.

"Right now, our contribution is less than five per cent. We want to increase it to 10 per cent by 2018," he added.

On MMC O&G's participation at the OTCA 2014, he said the company managed to sign a deal with a foreign company and organised a few meetings with potential customers.

To date, MMC Oil and Gas Engineering's orderbook stood at RM70 million and the company is tendering RM700 million worth of projects.

The company provides complete engineering design services to the oil and gas and petrochemical industries, specialising in the O&G sector, mainly in Malaysia.