M’sian O&G services, equipment firms’ combined profit down 52% in FY15

Top 10 oil & gas services and equipment firms for FY15. (Table for StarBiz online)

KUALA LUMPUR: Giving the data on how bad the Malaysian oil & gas (O&G) sector was hit following the crude oil price crash, Malaysia Petroleum Resources Corp (MPRC) disclosed that overall profit for O&G services and equipment (OGSE) companies here slumped by more than half to RM3.1bil in financial year 2015 (FY15) from RM6.5bil the previous year.

Revenue, meanwhile, slipped by 11% to RM65.8bil in FY15.

MPRC, an agency under the Prime Minister’s Department, said in a statement that the weaker results were due mainly to asset impairment losses recognised by offshore drilling rig and vessel owners in response to declining rates and demand.

However, data also showed that total fixed assets (TFA) for the industry continued to increase to RM86bil in FY15 compared to FY14’s figure of RM68.4bil, due to construction and the delivery of new assets already committed in previous years, MPRC said.

For the top 10 OGSE companies by revenue, see the table above. From highest to lowest are MISC Bhd (making its debut on the MPRC100 rankings), SapuraKencana Petroleum (FY14: 1st place), Dialog Group (FY14: 3), Bumi Armada (FY14: 6), Wah Seong Corp (FY14: 4), KNM Group (FY14: 8), Muhibbah Engineering (M) (FY14: 9), Scomi Energy Services (FY14: 11), Halliburton Energy Services (M) Sdn Bhd (FY14: 10) and Schlumberger WTA (M) Sdn Bhd (FY14: 12).