Tanjung Offshore to reduce oil and gas revenue to 70% in five years

KUALA LUMPUR: Tanjung Offshore Bhd is putting in place a diversification strategy that will eventually see its oil and gas business contribute 70% to its revenue in five years.
The plan will see the company venture into the property construction, aerospace, transport and education businesses, which are expected to contribute to 30% of total revenue.
CEO Rahmandin Shamsudin said the company is in talks for partnerships in the aerospace and education segments, but nothing has been firmed up yet.
Tanjung Offshore, which has an order book of RM400 million, is bidding for jobs worth of RM1 billion, of which 80% is Refinery and Petrochemicals Integrated Development (Rapid) projects.
"It will be good if we can achieve a sucess rate of 20% to 30%," Rahmandin said.