KUALA LUMPUR (March  6): MISC Bhd edged out SapuraKencana Petroleum Bhd for pole position on the top 10 oil and gas services and equipment (OGSE) companies in Malaysia by revenue list for 2015.

In a statement today, Malaysia Petroleum Resources Corp (MPRC) said MISC — the shipping arm of Petroliam Nasional Bhd (Petronas) — made its debut on the list mainly due to higher revenue contribution from its offshore business unit.

SapuraKencana dropped to second place, while Dialog Group Bhd maintained its position in third place. Bumi Armada Bhd climbed two places to fourth position on the list.

The other OGSE companies which made the top 10 OGSE companies list include: Wah Seong Corp Bhd, KNM Group Bhd, Muhibbah Engineering (M) Bhd, Scomi Energy Services Bhd, Halliburton Energy Services (M) Sdn Bhd and Schlumberger WTA (M) Sdn Bhd.

MPRC said other significant movers in the list include EA Technique (M) Bhd which vaulted to the 23rd spot in 2015 from 74th in 2014; Petroleum Geo-Services Exploration (M) Sdn Bhd which advanced to 48th from 114th previously; while Grade One Marine Shipyard Sdn Bhd gained to the 63rd spot after coming in at 194th in the previous year.

"In 2015, overall revenue for OGSE fell 11% to RM65.8 billion, while total OGSE pre-tax profit 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.

"However, it also showed that total fixed assets for the industry continued to increase to RM86 billion in 2015, compared with 2014’s figure of RM68.4 billion, due to construction and the delivery of new assets already committed in previous years," it added.

MPRC's 2015 edition also analysed the companies’ financial standing against its regional peers from 2012 up to the third quarter of 2016. In MPRC top 100’s analysis of the top 20 OGSEs in Southeast Asia, nine were from Malaysia, eight from Singapore, two were from Vietnam and one was from Indonesia.

"By analysing the financial data — quarterly revenues, pre-tax profit margins and fixed assets — the report found Malaysian companies are catching up with their peers in terms of revenue and have surpassed them in terms of fixed assets. Malaysian OGSE companies also fared better, as they are spread across the OGSE supply chain, compared to regional companies that were concentrated mainly in upstream capital expenditure segments such as fabrication, and transportation and installation," said MPRC.

Top 10 OGSE companies:
 

Source: Malaysia Petroleum Resources Corp