McDermott sees Malaysia as a strategic hub; eyes US$5 billion in bids

Integrated engineering, procurement, construction and installation (EPCI) provider McDermott International said it is setting its gaze on US$5 billion (RM19.6 billion) in bids over the next six months in Asia Pacific.

Its Asia vice-president Ian Prescott said the company is leveraging on Malaysia’s strategic position as the regional oil and gas hub.

It also said it plans to extend its presence to Malaysia, India, Australia, Vietnam and Indonesia with the submission of the bids.

“We see very huge potential for the company with Malaysia as a hub, and we plan to utilise our key engineering hub here and the region to materialise the potentials and execute the jobs when they are won,” Prescott said.

“The bids are already now in excess of RM5 billion and we are confident in securing at least 10% of the total of RM55 billion of Petroliam Nasional Bhd’s (Petronas) contracts on tender,” he said.

The bids will include offshore, deep-sea and shallow water projects with emphasis on Southeast Asian region.

McDermott, in moving forward on an expansion mode this year, said it currently has an order book of US$2 billion.

“McDermott Asia in Kuala Lumpur has increased its staff from 90 people in 2016 to 500 people, a figure which will be increased further to 800 by the end of this year.

“This is to support our growing need for expertise and talent with strong emphasis on locals, opening up opportunities of high-skilled jobs and knowledge transfer.

“We have made a big strategic move on our part from Singapore as our base for 50 years and we know we are on the right track with growing number of projects seen as well as better cost efficiency,” he said.

(EOG)

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