Scomi to spend up to RM180m for vessels
Filed Under (Other News) by Webmaster on 11-02-2009
Tagged Under : buy vessels, Scomi
Bernama reported that Scomi Marine Bhd is ready to spend RM108 million to RM180 million (US$30 million-US$50 million) a year to purchase two new vessels to beef up its oil and gas business, which is expanding in the Eastern hemisphere.
Scomi Group Bhd chief executive officer Shah Hakim Shahzanim Zain said the company would invest in anchor handling vessel and a Panamax vessel, as prices are reasonable now, due to the global economic slowdown.
“We have not bought any vessels in the last three years because vessel prices were prohibitive. Now they have come down drastically and we will be investing in at least two new vessels a year over the next three years.
“We are looking at different segments, mainly dry bulk vessels, and oil and gas service vessels. Investments will range between US$30 million to US$50 million a year until 2011,” Shah Hakim told reporters, ahead of the groundbreaking ceremony for India’s maiden monorail project in Mumbai.
Scomi Engineering Bhd, along with its consortium partner Larsen Turbo (L&T), secured the contract from Mumbai Metropolitan Region Development Authority last year, to construct 19.5 km stretch worth RM1.85 billion.
Scomi, which has businesses spanning in 38 countries, is optimistic about its oil and prices down, they are starting to invest again, Shah Hakim said.
