ASIA

Crest acquires Sapura Energy

Not content with acquiring Sapura Energy for RM135.5 million, Malaysia's Crest Petroleum is on th...

To executive vice chairman Datuk Shahril Shamsuddin, acquiring Sapura Energy has allowed Crest the opportunity to be a big player in the market.

"It completes the suite of services that make Crest one of the leading fully integrated service providers in the industry [and] is the last piece of the puzzle that strengthens our long-term strategy as a service provider. It enables Crest to address as regional market player effectively as it has now a pool of expertise and assets," said Shahril.

Although Shahril admits that engineering will be Crest's primary focus, it would continue to make offshore drilling its main priority. The newly augmented Crest will also be dabbling in "marine engineering, offshore installation and construction and geographical seabed survey."

The acquisition has also provided Crest with the wherewithal to compete in a larger, global market. According to the company's CEO, Zainol Izzet Mohamed Ishak, "[Crest] is aggressively bidding for contracts from oil and gas companies operating in Malaysia and South-East Asia."

"[Furthermore], Crest had recently been awarded geo-technical survey contracts in Algeria and India worth a total of about RM25 million. We are also looking at opportunities in Sudan," added Zainol.

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