,Managing director/chief executive officer Datuk Kamarul Redzuan Muhamed said oil and gas would remain as the company’s core business, but the group would need to increase resilience and operate differently.
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KUALA LUMPUR: Oil and gas contractor Uzma Bhd is banking on two strategies to drive the group forward in terms of operations and profitability amid the volatility in the oil and gas industry.
Managing director/chief executive officer Datuk Kamarul Redzuan Muhamed said oil and gas would remain as the company’s core business, but the group would need to increase resilience and operate differently.
"When I said differently, sometimes there are places that we bid our tenders, it is always technically acceptable but (offers the) cheapest (solutions), we probably do not want to participate in those businesses.
"We believe that certain capabilities that we have require some premiums, so we will participate in the areas that we feel require some premiums," he said.
Kamarul Redzuan said this during a presidential plenary session at the virtual Reimagining Malaysia Assets (RESET) 2021 conference today.
He noted that Uzma's non-oil and gas business would be its growth business through mergers and acquisitions and the group plans to improve its participation in geothermal works in the Philippines and Indonesia.
"(As for) Our five-year plan, we will increase our resilience in oil and gas but accelerate our diversification beyond oil and gas. By 2025, our oil and gas portfolio would contribute 60 per cent (of recurring income to the group)," he said.
Kamarul Redzuan noted that oil and gas services and equipment (OGSE) players had been struggling to create values since the oil price crash in 2014 and called on them to adapt to changes."We had little profit, no growth and we struggled to survive. The question is how do you thrive in the lower (oil prices) forever or lower for longer or uncertainties forever that created this issue,” he said. - Berna,a