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2016 was a challenging year.
For year 2017, extended oil price downturn will likely have long-term effects on the industry in a number of areas including capital expenditure and people. The survival mentality in the oil and gas industry ensued in a mindset shift toward shorter-cycle projects, as well as fierce pricing. Projects, specifically of long-term and complex major capital, through 2020 are estimated to have been deferred or cancelled due to the downturn.
In the ‘slow road back’ condition of 2017, MMC Oil & Gas Engineering (MMCOG) remains committed and supportive in contributing our services to the industry. We will endure to efficiently execute our long term contracts with our clients as well as be resourceful in developing our revenue stream.
Strategic movements have been implemented in improving our operation. Internal restructuring, cost management program, unnecessary overhead reduction are amongst the various cautious approaches we have taken during this period. As the saying goes ‘a ringgit saved is a ringgit profit’. Of course, one such approach is the change of flagship which MMCOG will be grouped into.
Foremost, we assure that our company’s operations will persist as it has been, as such change will not reflect our core business function; namely as an established local engineering design consultancy arm for the oil and gas industry. Our services towards our clients and partners remain well-founded and solid.
Despite the volatile outlook, we will not compromise quality in delivering our services.
In fact, our collaborations with new partners Kellogg Brown & Root (KBR) and BIV, further expands our scope in the supply chain to include field development plan (FDP), Conceptual design, EPCC and Operation & Maintenance (O&M). We are also able to expand our business presence into new markets, while our core business in Malaysia, persists.
Regardless of the name we are to assume, MMCOG is always here to deliver, in continuing our 30 years legacy in Malaysian oil and gas industry.