MISC tops MPRC 100 rankings for 2015

KUALA LUMPUR: MISC Bhd has topped the Malaysia Petroleum Resources Corporation (MPRC 100) rankings for 2015 due to its higher revenue contribution from its offshore business unit.

The rankings were announced by MPRC, the industry development agency under the Prime Minister's Department.

Besides MISC, SapuraKencana Petroleum Bhd and Dialog Group Bhd bagged second and third place in the ranking.

These companies are publicly traded and privately held oil and gas services and equipment (OGSE) companies.

"Other significant movers in the list included EA Technique (M) Bhd, which vaulted to the 23rd spot from 74th, Petroleum Geo-Services Exploration (M) Sdn Bhd advanced to 48th from 114th previously while Grade One Marine Shipyard Sdn Bhd notched up to 63rd spot after coming in at 194th in the previous year," it said in a statement.

The MPRC100 also analysed the OGSE industry performance for the year ended 2015.

In 2015, overall revenue for OGSE fell 11 per cent to RM65.8 billion while total OGSE profit before tax declined to RM3.1 billion in 2015 from RM6.5 billion in 2014.

This was attributed mainly to asset impairment losses recognised by offshore drilling rig and vessel owners in response to declining rates and demand. — Bernama