Published: Friday June 15, 2012 MYT 12:18:00 PM
Wah Seong order book at RM1.2b, eyes more local O&G jobs
By Joseph Chin
KUALA LUMPUR: Pipe-coating specialist Wah Seong Corporation Bhd has replenished and maintained its order book at RM1.2bil of which oil and gas (O&G) accounts for RM727mil.
Its managing director and group chief executive officer, Chan Cheu Leong said on the remainder included RM243mil from the renewable energy segment and RM182mil from the industrial trading and services segment.
In a statement released after its shareholders' meeting in Penang, he said Wasco Energy Ltd and its group of companies would continue to seek business opportunities outside Malaysia.
Chan said this would see it focusing on taking part in the domestic O&G development.
"This is due to the expected increase in exploration and production activities by Petronas with its local and international partners in numerous projects based on enhanced oil recovery, small fields' development and pipeline replacement.
"As such, this will result in the rise of new projects as Petronas aims to explore new reserves and obtain the most from existing field assets," Chan added.