Sapura Energy Sdn Bhd, which is venturing into Myanmar and Thailand this year, expects its overseas ventures to make a significantly higher contribution to its revenue for the financial year ending Jan 31, 2004.
The proposed ventures were expected to be bigger than the company's Indonesian operations, which achieved RM15mil in revenue last year, and reinforce its bid to become a major player in the Asean region, said Sapura group president and chief executive officer Datuk Shahril Shamsuddin.
We are currently bidding for several projects in Asean countries including Myanmar, Thailand and Indonesia, he said after a media briefing in Port Dickson yesterday.
The company, a support services provider to the oil and gas sector, achieved RM25mil in pre-tax profit on the back of RM250mil in turnover for the financial year ended Jan 31, 2003, and has targeted RM270mil in sales for the financial year ending Jan 31, 2004.
Foreign operations currently contribute approximately 15% of Sapura Energy's total revenue, and Sapura Energy in turn accounts for 30% of Sapura Holdings' group revenue.
Sapura Energy and its subsidiaries are mainly involved in the provision of operations and maintenance services for the oil and gas, and marine power utility industries.
The company, which was formed five years ago, has a workforce of 1,000.
Shahril said Sapura Energy had secured orders worth RM400mil which would keep it busy for two years.
On the local front, the company is actively seeking new projects to maintain a healthy order book, mainly from major clients including Petronas Gas Bhd, Petronas Carigali Sdn Bhd, Esso Production Malaysia Inc, Sarawak Shell Bhd and TNB Generation Sdn Bhd.
On the listing of the company on the KLSE, Shahril said Sapura Energy took pride in building the company through internally-generated funds.
Sapura is also in the midst of executing a long-term contract with Petronas Dagangan Bhd to supply, install and maintain a total management system (TMS) to integrate the operations of its petrol stations and convenience stores.