MHB sees more jobs as industry recovers
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) sees signs of recovery in the shipbuilding and heavy engineering segment of the upstream oil and gas (O&G) industry due to stronger oil prices.
MHB managing director and chief executive officer Wan Mashitah Wan Abdullah Sani expects more jobs to be available in the market.
Its tender book currently stands at RM2.8 billion.
“Signs do suggest that the industry is recovering slightly. We should see more tendering activities as some oil majors have started to revalidate tenders,” she said after MHB’s annual general meeting, here, yesterday.
Wan Mashitah said due to oil price volatility, major oil players had deferred investment decisions.
“However, these oil majors will not defer their investments indefinitely. Should the oil price continue to improve and stay stable, we would see more jobs.”
Wan Mashitah is hopeful the company’s financial performance would improve this year.
She also said the O&G downstream segment would continue to be active, with more job opportunities.
“New investments are expected in the downstream segment as refiners take advantage of the lower cost of raw materials. Increase in downstream capital spending will provide more opportunities for onshore module fabrication and construction.”
Opportunities for onshore maintenance services were expected to increase as the refinery and petrochemical integrated development project in Pengerang, Johor, was scheduled to start operations next year, she added.
MHB is diversifying into the downstream petroleum sector, especially in maintenance work, and has procured licences from Petroliam Nasional Bhd.