Ramunia bids for jobs worth RM9b
New Straits Times(BizNews)
30 December 2006

RAMUNIA Holdings Bhd, an oil rig builder, is aiming for bigger projects and has put in bids for RM9 billion worth of contracts, both locally and abroad, this year.

Its chairman Datuk Azizul Rahman Abd Samad said he believes that the company has good chances to win a quarter of the amount.

"We will work hard to provide the most efficient structures for clients, especially internationally, in our efforts to secure contracts worth RM9 billion," he told reporters after Ramunia's third annual general meeting in Kuala Lumpur yesterday.

Of the total, some RM5 billion are overseas projects and the rest are in Malaysia. Ramunia has orders worth RM1.4 billion currently.

"The unbilled portion of the contracts is worth RM1.1 billion. Moving forward, we aspire to see from all markets, internationally and domestic, especially for deepwater activities," he said.

Ramunia posted a profit of RM16.5 million, on the back of RM348.4 million in turnover during its financial year ended October 31 last year.

It plans to invest more to expand capacity and improve productivity.

"Swift progress has been made at our fabrication yard at Teluk Ramunia, Johor as we position Ramunia to serve clients not only within Malaysia but also the region," he said, adding its yard in Teluk Ramunia is the largest in South-East Asia.

On its expansion plan, Azizul Rahman said Ramunia will invest some RM200 million, the largest capital expenditure thus far for the company.

"The capital expenditure is spread over the period between 2007 and 2008," he said. The bulk of the money will be used to upgrade its yard in Teluk Ramunia.

"As we keep on tendering, we will want to have more complex structures coming in, especially as we prepare ourselves to capitalise on the deepwater activities. We are committed to start moving up the value chain at our yard," he said.