Published May 28, 2009

Tanjung Offshore bids for 30 projects in 2009

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(KUALA LUMPUR) Tanjung Offshore Bhd, an integrated oil and gas service provider, has bid for some 30 projects this year, says a report in Malaysia's Business Times, quoting its managing director Omar Khalid. 'Almost 70 per cent of our bids are domestic projects and the remaining 30 per cent are abroad, including in India and Australia,' Mr Omar told reporters after the company's annual general meeting in Ampang, Selangor on Tuesday.

Tanjung Offshore has an order book worth RM1.5 billion (S$621 million) that should keep it busy until 2012. Nevertheless, the company is racing to expand abroad, especially in India, Indonesia, Thailand and the Middle East, in a bid to transform itself into a regional force.

Mr Omar said Tanjung Offshore has started making inroads into Thailand, providing well-testing services in the Gulf of Thailand, and is scouting elsewhere for more jobs. 'We have been approached directly to bid for a tender in India . . . and also been approached by several investors in the Middle East to form a partnership and joint venture in the region,' said Mr Omar.

With this in mind, Tanjung Offshore has allocated some RM250 million to expand its fleet size, with construction of five new vessels, due to be delivered between the next six and 10 months. For 2008, Tanjung Offshore registered revenue of RM574.3 million against RM422.9 million for 2007, while its net profit rose to RM31.5 million last year from RM23.2 million in the previous year.