MALAYSIAN shipping and offshore services giant MISC bounced back into the black in 2021, and the contractor is buoyant about future prospects for the upstream oil and gas industry. As the oil market continues to rebalance and with oil prices staying high, MISC and other leading floater companies are seeing an increasingly positive outlook for the upstream sector. The Malaysian contractor reported business for floating production, storage and offloading vessels rebounding strongly in 2021 after the slump in 2020, with demand for FPSOs expected to stay robust in 2022 despite lingering Covid-19 concerns. MISC said its offshore business division is focusing primarily on project execution but also looking to sourcing new orders in targeted markets. MISC said it remains vigilant about the risk of new coronavirus variants impacting demand for oil and gas, with a knock-on effect for the company's Marine & Heavy Engineering business segment, as occurred in 2022. "Given this environment, the segment will remain focused on replenishing its order book, as well as prioritising cost manage- ment efforts, safe execution and timely delivery of ongoing projects," MISC stated. MISC recorded a profit before tax of 1.774 billion ringgit (US$423.5 million) for 2021 versus a 123.6-million-ringgit loss one year prior, when the company was impacted by the adverse ruling in its arbitration with Shell over the Gumusut-Kakap floating production system.
展开▼
