MISC leads Malaysia Petroleum’s Top 100 list

According to the company, the shipping tonnage oversupply situation and cut in global oil production by the Organisation of the Petroleum Exporting Countries in 2017 will continue to weigh on the petroleum shipping segment this year

KUALA LUMPUR: MISC Bhd led Malaysia Petroleum Resources Corp’s (MPRC) latest list of Top 100 Malaysian oil and gas services and equipment (OGSE) companies, ranked in order of annual revenue for financial year 2017.

The list showed MISC edging out Sapura Energy Bhd, which was FY2016’s top ranked company. Dialog Group Bhd meanwhile has maintained its position at third place.

Some newcomers to the list include Chiyoda Malaysia Sdn Bhd, Ice Petroleum Engineering Sdn Bhd and Helios Petroleum Sdn Bhd.

Meanwhile, companies that improved their rankings from the previous year include Nam Cheong Dockyard Sdn Bhd, ranked 29 (up from 55th spot in FY2016), Yokogawa Kontrol (Malaysia) Sdn Bhd, at no. 31 (from no. 57) and T7 Global Bhd, at no. 47 (from no 98), among others.

In a statement, MPRC said the annual listing, called the MPRC100, reflects the companies’ ability to navigate the uncertainties in the OGSE sector.

It called on OSGSE companies not to lose sight of the need to become more diverse and to remain competitive.

“Even as the industry is seeing a gradual recovery in activities, the oil price uncertainty is a clear reminder to OGSE players to stay focused and become more competitive,” said MPRC deputy chief executive officer Mohd Yazid Ja’afar.

“Companies that turn to innovation, hone niche technologies to gain economic advantages, employ and retain skilled talent, and embrace diversification in particular to the downstream segment are in a better position to undertake new growth ventures in Malaysia and beyond.”

An analysis of companies on the MPRC100 showed that the Malaysian OGSE sector recorded a total revenue of RM68.1bil, a 1.1% drop from RM68.8bil recorded in the previous year.

According to the MPRC, the FY2017 findings also showed that Malaysian OGSE companies fared better than their regional counterparts due to ongoing domestic activities in the upstream and downstream segments.

“In a 2017 comparison with the top 20 OGSE companies in Southeast Asia, Malaysian OGSE firms registered an average revenue growth of 12% while other regional players showed an average revenue decline of 14%,” it said.