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).
Petroleum Geo-Services Exploration (M) Sdn Bhd advanced to 48th rung from no. 114 previously while Grade One Marine Shipyard Sdn Bhd climbed to the 63rd spot after coming in at no. 194 in the previous year.
According to MPRC100’s analysis of the top 20 OGSE firms in South-East Asia in FY15, nine were from Malaysia, eight from Singapore, two were from Vietnam and one was from Indonesia.
“By analysing the financial data — quarterly revenues, profit before tax margins and fixed assets — the report found that Malaysian companies are catching up with their peers in terms of revenue and have surpassed them in terms of fixed assets,” MPRC said.
“Malaysian OGSE companies also fared better as they are spread across the OGSE supply chain, compared to regional companies that were concentrated mainly in upstream capex (capital expenditure) segments such as fabrication, and transportation and installation.”
MPRC is responsible for growing Malaysian OGSE firms and leveraging Malaysia’s strategic geographical location to enhance its position as the preferred hub for OGSE activities in South-East Asia.
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