Wah Seong Corporation is likely to be busy with Malaysian contracts 2013, underpinned by Petronas' RM300 billion five-year capital expenditure.
The company had been receiving inquiries for pipe-coating jobs in Malaysia , indicating potentially robust job replenishment. It may also be a direct beneficiary of Petronas' plan to replace ageing facilities; 60 per cent of Petronas' major producing oil fields in Malaysia average 26 years old. And there is also vast opportunity in the pipeline rehabilitation programme, given that c.800km pipelines are over 30 years and would need to be replaced soon.
Wah Seong was now primed to gain pipe-coating market share in Malaysia as the RM15 billion North Malay basin project might be rolled out soon given Petronas' timeline of first production by 2013.
Meanwhile, the Gulf of Mexico would be the next growth frontier for the company with the expected commissioning of its two plants in Louisiana , United States , by the second half of 2012. These plants would be operated via a joint-venture which would springboard Wah Seong's entry into the Gulf of Mexico region by leveraging on its partner’s infrastructure.
Australia would remain a key driver for the company as it would offer huge potential due to large number of liquefied natural gas projects.
Meanwhile, Wah Seong is looking for potential mergers and acquisitions to boost the contribution for its non oil and has division which is part of the initial public offering for its de-merger exercise to unlock value for the company.
The company had been receiving inquiries for pipe-coating jobs in Malaysia , indicating potentially robust job replenishment. It may also be a direct beneficiary of Petronas' plan to replace ageing facilities; 60 per cent of Petronas' major producing oil fields in Malaysia average 26 years old. And there is also vast opportunity in the pipeline rehabilitation programme, given that c.800km pipelines are over 30 years and would need to be replaced soon.
Wah Seong was now primed to gain pipe-coating market share in Malaysia as the RM15 billion North Malay basin project might be rolled out soon given Petronas' timeline of first production by 2013.
Meanwhile, the Gulf of Mexico would be the next growth frontier for the company with the expected commissioning of its two plants in Louisiana , United States , by the second half of 2012. These plants would be operated via a joint-venture which would springboard Wah Seong's entry into the Gulf of Mexico region by leveraging on its partner’s infrastructure.
Australia would remain a key driver for the company as it would offer huge potential due to large number of liquefied natural gas projects.
Meanwhile, Wah Seong is looking for potential mergers and acquisitions to boost the contribution for its non oil and has division which is part of the initial public offering for its de-merger exercise to unlock value for the company.
No comments:
Post a Comment