Market review Since becoming a wholly owned subsidiary of MISC in July 2015, the company has adapted favourably to market conditions and is continuously reviewing the organisation to ensure optimal use of resources to deliver consistent and efficient services. The company supports PETRONAS Coral 2.0 cost reduction programme and the Integrated Logistic Tower project that will bring significant changes to the upstream marine sector. Key developments Almost 80% of the company’s revenue is derived from Port and Terminal operations while Marine Assurance and Services make up the balance. The PETRONAS Floating LNG (PFLNG) contract which commenced at the beginning of 2016 will contribute a steady revenue stream as will eight new contracts totalling an estimated RM95 million, including two from PETRONAS Carigali Sdn. Bhd. (PCSB). Moving forward The outlook for PMSSB remains positive with the expansion of marine facilities within PETRONAS and the requirement to ensure vessel integrity for the safe conveyance of petroleum products. The company plans to provide a one-stop maintenance centre for PCSB for their single buoy mooring (SBM) facilities in Peninsular Malaysia, Sabah and Sarawak while also exploring opportunities to provide piloting and loading master services to other SBM owners. of the company’s revenue is derived fromPort and Terminal operations 80% The maritime services centre for marine assurance and compliance, port and terminal operations & management, consultancy and services to the PETRONAS group of companies 79 Performance Review
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