TH Heavy Engineering Bhd (THHE)’s new chief executive Suhaimi Badrul Jamil, whose appointment will take effect tomorrow, is expected to set a fresh direction for the loss-making offshore fabrication and marine services company.
He takes over from Nusral Danir whose term expires today.
The company said that Suhaimi, who has extensive experience in turnaround management, fund-raising and corporate restructuring, will assist in taking the company on a fresh course in the low-for-long crude price environment.
“Suhaimi’s extensive experience in the oil and gas industry and finance and banking will help THHE focus on the right business strategies to shape the company into a robust entity with a balanced portfolio of oil and gas and non-oil and gas businesses,” the company said in a statement.
A chartered accountant, Suhaimi has been a key member of the THHE leadership team since December 2013.
He has over eight years experience in the oil and gas industry, having been one of the founding directors of Petra Energy Bhd, consultant and also the chief financial officer of THHE for the past two years, said the company that is 30%-owned by Lembaga Tabung Haji.
“He has extensive experience in turnaround management, fund-raising and corporate restructuring supported by over 30 years’ experience in banking, financial management, accounting, strategic planning, corporate finance and M&A business strategy and implementation,” the company added.
Commenting on his appointment, said that while his appointment came at a time when the company is facing some very challenging times, it is an opportunity for improving the company even further. “As a CEO my priorities are to set THHE on a new path by securing new business opportunities that are not bound by the vacillating crude price environment, and by aggressively pursuing cost optimisation.
My focus will be to give the company a balanced mixture of oil and gas and non-oil and gas businesses,” he added.
In terms of oil and gas projects, Suhaimi said that THHE would be aggressively seeking business opportunities by way of strategic partnerships beyond the shores of Malaysian in the Asean countries and elsewhere to replenish its order book. “With eight licensed fabricators throughout Malaysia, the competition is intense and in a low crude price environment such as the last two years the competition has become deadly for some. There are far too many fabricators chasing far too few projects.”
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He takes over from Nusral Danir whose term expires today.
The company said that Suhaimi, who has extensive experience in turnaround management, fund-raising and corporate restructuring, will assist in taking the company on a fresh course in the low-for-long crude price environment.
“Suhaimi’s extensive experience in the oil and gas industry and finance and banking will help THHE focus on the right business strategies to shape the company into a robust entity with a balanced portfolio of oil and gas and non-oil and gas businesses,” the company said in a statement.
A chartered accountant, Suhaimi has been a key member of the THHE leadership team since December 2013.
He has over eight years experience in the oil and gas industry, having been one of the founding directors of Petra Energy Bhd, consultant and also the chief financial officer of THHE for the past two years, said the company that is 30%-owned by Lembaga Tabung Haji.
“He has extensive experience in turnaround management, fund-raising and corporate restructuring supported by over 30 years’ experience in banking, financial management, accounting, strategic planning, corporate finance and M&A business strategy and implementation,” the company added.
Commenting on his appointment, said that while his appointment came at a time when the company is facing some very challenging times, it is an opportunity for improving the company even further. “As a CEO my priorities are to set THHE on a new path by securing new business opportunities that are not bound by the vacillating crude price environment, and by aggressively pursuing cost optimisation.
My focus will be to give the company a balanced mixture of oil and gas and non-oil and gas businesses,” he added.
In terms of oil and gas projects, Suhaimi said that THHE would be aggressively seeking business opportunities by way of strategic partnerships beyond the shores of Malaysian in the Asean countries and elsewhere to replenish its order book. “With eight licensed fabricators throughout Malaysia, the competition is intense and in a low crude price environment such as the last two years the competition has become deadly for some. There are far too many fabricators chasing far too few projects.”
Click here for Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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