KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) will continue its diversification exercise and seek new business in related fields to counter the impact of the low price of oil.
MD and CEO Wan Mashitah Wan Abdullah Sani said the company will also continue implementing cost-cutting measures to remain competitive.
"We have managed to reduce a fair bit in our cost reduction, and continue exploring new businesses to generate additional revenue streams," she told reporters after the company’s AGM here, today.
She said MHB aims for a turnaround by 2018.
Mashitah added that due to geopolitical risk factors, crude oil prices may remain volatile in 2017.
"Any meaningful recovery in the demand for new offshore structures may likely be pushed into 2018.
"However, MHB has already begun focusing on diversifying its source of income by venturing into related businesses that leverage on our existing industrial knowledge and expertise," she said.
The Group will continue to develop its capabilities in the onshore segment, catering to RAPID and several other identified projects which are currently being evaluated.