HANDAL Resources Bhd (7253), an integrated offshore crane service and manufacturing provider in the oil and gas industry, expects to increase productivity by threefold at its new RM14 million yard.
Executive chairman Datuk Mohsin Abdul Halim said the new 4ha yard at the Teluk Kalong industrial area has three times more capacity than the existing one at the Kemaman supply base.
The new yard will be able to produce, service, maintain and overhaul 30 to 40 offshore pedestal cranes each year compared to the current capacity of 12 cranes annually, he said after the company's annual general meeting in Kemaman last Wednesday.
The company is currently operating on a 1.2-hectare yard, and since starting operations in 1995 it has overhauled 60 cranes and delivered 15 new cranes, Mohsin said.
The new yard is expected to be officially opened by October this year, he added.
Among the company's clients are Petronas Carigali, ExxonMobil, Sarawak Shell and Talisman Energy Inc.
Mohsin said the company recorded encouraging results in the financial year ended December 31 2009, mainly as a result of good performance by its subsidiary Handal Offshore Services.
"Over the 12-month period, Handal Offshore Services chalked up a revenue of RM65.29 million, an increase of 7.8 per cent compared with RM60.58 million in financial year 2008," he said.
"Its net profit saw an increase of 60 per cent compared with RM9.25 million in financial year 2008," he added. - Bernama
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