It is confident of winning 30% of contracts worth nearly RM400mil it has bid for in the local oil and gas sector.
The company has bid for jobs in areas such as hook-up and commissioning, maintenance, fabrication and on-shore construction from companies that include Petronas Carigali and ExxonMobil.
Vastalux will also bid for a US$50mil contract in Saudi Arabia.
Vastalux has also identified some oil and gas-related contracts in the Middle East, Vietnam and Indonesia. They will bid for a hook-up and commissioning and maintenance services contract for oil and gas facilities worth US$50mil in Jeddah in July 2009 The company was pre-qualified for the job.
Vastalux has also identified some oil and gas contracts in Vietnam but has yet to put up a bid. They have secured a licence to undertake oil and gas services contracts in Ho Chi Minh City and they want to extend their expertise to Vietnam.
Vastalux has secured close to RM1bil worth of jobs since 2007, completing 47% of them. The remainder is expected to last until 2010.
On its performance this year (2009), the company expects to maintain or slightly better last financial year’s revenue growth.
Vastalux has received approval to proceed with the construction work for its fourth yard in Teluk Kalong, Terengganu.
They have invested RM3mil to buy the equipment and will spend another RM3.5mil for the first phase.
The company’s existing three yards are in Kemaman, Labuan and Bintulu.
Financial Results … It registered a net profit of RM18.8mil in the financial year ended Dec 31, 2008, a 76% increase from 2007. Its revenue rose 30% to RM186mil. The company has also allocated RM10mil for the acquisition of marine vessels.
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