McDermott eyes US$5b bids in Asia Pacific

March 20, 2018 | By | Reply More

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KUALA LUMPUR: McDermott International is eyeing USD5 billion (RM19.6 billion) in bids over the next six months in Asia Pacific, banking on strong potential in business expansion in Malaysia and the region. 

The leading integrated engineering, procurement, construction and installation (EPCI) provider said it plans to extend its presence to Malaysia, India, Australia, Vietnam and Indonesia with the submission of the bids. 

Its Asia vice-president Ian Prescott said McDermott is leveraging on Malaysia’s position as the regional oil and gas hub while taking advantage of positive sign of recovery in the oil and gas sector. 

“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. 

“The bids are already now in excess of RM5 billion and we are confident in securing at least 10 per cent of the total of RM55 billion of Petroliam Nasional Bhd’s (Petronas) contracts on tender,” he told reporters on the sidelines of the Offshore Technology Conference (OTC 2018) today.

The bids will include offshore, deepsea 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 orderbook of USD2 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. 

The OTC 2018 conference will be held from March 20 to 23 at the Kuala Lumpur Convention Centre and will open later this afternoon.

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