KUALA LUMPUR (Sept 9): Nusral Danir is now the chief executive officer (CEO) of TH Heavy Engineering Bhd.

Nusral was appointed as the acting CEO, following the resignation of Datuk Nor Badli Mohd Alias on June 19.

In a statement today, TH Heavy said Nusral is expected to chart a new course for it moving forward, carrying the loss-making company forward during the current low oil prices.

Nusral has been with TH Heavy since August 2013, first as an independent non-executive director, then as executive director from March 1, 2015.

“It is no doubt a difficult time now to be at the helm of a company in oil and gas industry, but I am excited to meet the challenges as we take TH Heavy on a journey of transformation,” Nusral said.

The 56-year old said his main priorities now are to identify quick wins and undertake aggressive cost optimization measures, and to deliver within schedule, TH Heavy’s commitment on the JX Nippon Layang FPSO (Floating Production Supply and Offloading) contract, and the Petronas Carigali Kinabalu NAG (non-associated gas) Phase 11 Project.

“Our FPSO project is a long-term contract and this should bring in a steady stream of revenue for TH Heavy by the third quarter of 2016,” Nusral said.

The FPSO contract involves the engineering, procurement, construction, installation and commissioning works for the supply and bareboat lease of a FPSO unit for deployment in the Layang O&G field located in Block SK10, offshore Sarawak.

Also, Nusral pointed out that TH Heavy has identified a number of opportunities, both in the upstream and downstream sectors of the oil and gas industry, for evaluation in terms of strategic fit and value generation.

In view of the current business environment, he added that TH Heavy is considering moving beyond the offshore fabrication business.

TH Heavy, in which Lembaga Tabung Haji holds a 29.81% stake, reveals it is currently bidding for jobs worth RM881 million, while an estimated RM1 billion of tenders were being planned for submission. These bids were for O&G projects, covering both the upstream and downstream sectors.

On cost saving, Nusral said the group would have a potential savings of about RM30 million, through outsourcing its hook-up and commissioning works.