BUMI Armada Bhd, which will be listed on the Main Market of Bursa Malaysia this month is on track to become a leader strong services sector, offshore oil and gas in Asia within five years.
Executive director and chief executive officer Hassan Basma Assad, said the company is now close to a major player in Asia marine transport services storage system (FPSO) and offshore support vessels (OSV).
"As a company, to achieve the target we need to remain competitive, healthy and continued to record profits. "In terms of regional competition, we were very close to the main competitors from Hong Kong and Singapore," he said in an interview with The Star in Kuala Lumpur, recently. In the FPSO segment, Basma said Bumi Armada aims to become the world's fourth largest players and the largest in Asia in terms of fleet size by 2013. "We are now approaching the first position among the participants of the FPSO and the target can be achieved depending on what projects to be implemented, "he said. For OSV service, he said, Bumi Armada could be the largest ship owners and operators in Asia within five years. "It is achievable because we plan to build more ships in the near future, "he said. Bumi Armada now own and operate 43 OSV and three FPSO. The company is Malaysia's largest OSV owners and operators of the world's eighth largest FPSO. Go ahead, Basma said Bumi Armada aims to double revenue and profits of the company within five years. "If you look at the amount of money spent on oil and gas players not only in every oil-producing countries of the world, the chance of getting the project was not an issue limited to overseas markets or specific customers. "In fact, we have a choice whether to enter a market or not depends on the opportunities available," he said. Bumi Armada earn worth RM1.24 billion in the year ended December 31, 2010, an increase of about 50 per cent from RM519.8 million a note in the financial year 2008. Capitalisation of the market after the listing is expected to cost between RM8.5 billion to RM9.5 billion from RM500 million only six years ago, when Basma began to lead the company. The company was previously listed on Bursa Malaysia before being taken private after the acquired business figures, T Ananda Krishnan. Basma said, the difficult challenges faced in an environment of Bumi Armada current economy is in terms of inflation, to build workforce skills to implement larger projects as well as the possibility of another round of financial crisis. "In terms of competition, the participants observed in this industry operate in a more intelligent and resilient," he said. "We see a few windows of opportunity and it is now open, especially as next year. If the opportunity was closed and turned around, we'll come back and leverage as possible, "he said