KUALA LUMPUR: Oil and gas company Tanjung Offshore Bhd plans to widen its revenue contribution, with O&G accounting for 70% and the balance from the non-oil and gas sector in the next five years, said chairman Datuk Dr Nik Norzrul Thani Nik Hassan.
He said that for the non-oil and gas sector, the company plans to enter the property construction, development and maintenance segments while exploring opportunities in education, aerospace and transport.
The O&G sector's contribution to revenue currently stands at 100%.
"Oil and gas will still be our core business, but going forward, under our diversification roadmap, we don't want to rely too much on it.
"We start turning this challenge into opportunities through diversification into segments that are profitable. We look forward to exploring and investing in cheap assets, including onshore oil fields," he told reporters after the company's AGM in Kuala Lumpur on Friday.
To this end, Nik Norzrul said the company is looking at assets in South-East Asia including Indonesia, Thailand, Myanmar and Vietnam, as well as Australia.
Executive deputy chairman Tan Sri Tan Kean Soon said Tanjung Offshore is currently in talks with several parties in Europe and the United Kingdom to venture into the aerospace and education sectors, respectively.
He said the company has a cash reserve of about RM70 million with zero gearing.
It also has a RM400 million orderbook with Petronas, which will keep it busy for the next two years, he added. - Bernama
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