competency development in a safe environment as well as hands-on technical programmes crucial for a real working environment. Open to partners, vendors, subcontractors and clients, the four-acre complex is equipped with state-of-the-art workshop facilities such as an auditorium and simulators for confined space and scaffolding training. To date, MHB’s yard is the only one in Ma l a y s i a t ha t ha s cons t r uc t ed deepwater structures. These include structures such as the Kikeh spar, Gumusut-Kakap Semi-Submersible Floating Production System (FPS) and the soon-to-be-delivered Malikai Tension Leg Platform for the Malikai Deepwater Project. MHB remains the local market leader in the ship repair business (in terms of aggregate work value) and is one of the leading domestic sub-contractors for the RAPID Pengerang Project. Moving Forward The low oil price environment is expected to remain protracted until at least 2017. As such, E&P activities will remain subdued as will the prospects for the offshore fabrication segment. Recognising this, MHB will continue to e n h a n c e ope r a t i on a l a nd c o s t efficiencies to ensure it retains its market competitiveness. MHB will focus its efforts on replenishing its order book by exploring onshore construction jobs on the domestic front (such as that relating to the RAPID Pengerang Project) and overseas front. The performance of the marine repair business is expected to help partially offset the cyclicality of revenue streams from the offshore fabrication side and MHB will continue its efforts to strengthen business activities in this area. On a positive note, MHB’s Marine Repair Business Unit (MBU) registered an average capacity utilisation rate of between 90% and 95%, the slew of orders helping to mitigate the slowdown on the offshore fabrication front. Key developments For the second year running, MBU’s docks were running at near full capacity with some 15 vessels and rigs under simultaneous repair and refurbishment works. For the Offshore Business, key pro j ec t s t ha t we re success f u l l y completed were the SK316 Central Processing Platform (CPP) which was delivered safely to a location offshore Sarawak. The CPP topside which weighs 13,696 Metric Tonne (MT) recorded 8,359,290 man-hours without a Lost Time Injury (LTI). The year saw the launch of the Centre of Excellence (COE), the Group’s new integrated training facility in Pasir Gudang, Johor. This first-of-its-kind facility will provide training and MISC BERHAD Annual Report 2015 65
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