Group managing director Tengku Yusof Shahruddin said this is due to the potential for new tenders to come in for maintenance, construction, modification as well as hook-up and commissioning contracts which will keep the group’s operations busy.

“We are expecting clients to roll out significant capital development expenditure to increase their production both for crude oil and gas while continuing to emphasise maintenance activities to improve productivity,” he said in DESB’s 2022 annual report.

Concurrently, the group is exploring new market segments within the industry to further strengthen its offshore support vessel position in the industry, he added.

For the financial year ended Dec 31, 2022, the group returned to the black with a net profit of RM125.34 million compared to a loss after tax of RM435.68 million recorded in 2021, mainly driven by higher work orders and improved productivity at all divisions.

The group recorded a revenue of RM984.18 million against a revenue of RM667.74 million in 2021.

“The fundamentals of the group remained strong with its financial position healthier due to strong operating cash flow,” Tengku Yusof said.