OFFSHORE BUSINESS BUSINESS SEGMENT REVIEW The Oil & Gas industry experienced a drastic change in the operating environment due to the oil price decline in the second half of 2014 contributed by the emergence of U.S. shale-oil production and OPEC’s stable production. This impacted on reduced upstream investment caused by the oil majors cutting back significantly in capital expenditure. As more drastic measures taken by oil majors, new exploration and development projects might be deferred or cancelled, and investments in producing fields reduced which would likely slow the growth in upstream operations. HIGHLIGHTS OF 2014: • Completed & delivered FPSO Cendor • Completed our first decommissioning & demobilisation of FSO Cendor MISC BERHAD - Annual Report 2014 p 66 PRESIDENT/ CEO’S REPORT
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