It also expects to do better with effective cost management and execution of contracts, said executive vice chairman Datuk Shahril Shamsuddin.
"We have built up our balance sheet to take on larger projects. We have quite a healthy cash level of RM800 million," Shahril said yesterday after the company's shareholder meeting in Seri Kembangan, Selangor.
Last year, SapuraCrest posted a net profit of RM172 million, compared with RM116 million in 2008.
"The next two years is really about reducing our costs and being more competitive when going overseas. We are opening up new markets and looking at seriously being more permanent in places that we are in now," he said.
Shahril said SapuraCrest, an integrated oil and gas services provider, may also buy rivals if it fits the group's expansion strategy.
SapuraCrest has RM10 billion worth of contracts in hand that will last it the next 2 to 3 years.
Some 30 per cent of the jobs are in Southeast Asia, Australia, India, Vietnam, Japan and the Middle East.
It has bid for new projects worth RM3 billion. Among them is Petronas' 5-year maintenance service contract for Petronas Carigali, SapuraCrest chairman Datuk Hamzah Bakar said.
On an average, SapuraCrest wins 20 per cent of its bids in a year.
The group is also looking to buy more vessels.
"I see more jobs everywhere, especially in Malaysia, Indonesia, India and Australia. We are monitoring the market closely to avoid the risk of over capacity.
When we are sure of the markets that we are going to invest in, only then we will build new vessels," he said.
SapuraCrest has 23 vessels now. It has four aging vessels which will be phased out soon and replaced with new ones.
By Sharen Kaur
Business Times
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